Meta has sold gif search engine Giphy to stock image service Shutterstock for $53 million. Meta was forced to sell Giphy after the acquisition was blocked by regulators, losing $260 million on the sale as a result. The loss is partly due to the forced nature of the sale and partly due to people realizing that using gifs as a method of self-expression on the internet is the lowest form of humor. It was certainly interesting to watch the deal fall apart though – I felt like Thriller-era Michael Jackson eating popcorn in a red jacket!

The lowdown

• 🐢 IMF no longer expects Britain’s economy to fall into a recession in 2023, though it will remain subdued.

• 🔁 Meta sells Giphy to image service Shutterstock, losing more than $260 million in the process.

• 🤌 Pasta prices are outpacing inflation, rising at 17.5% in March and 16.5% in April, according to Italy’s ministry of business.

Featured stories

Activist investor urges Yelp to merge with Angi

Crowd-sourced review publisher Yelp’s name comes from a combination of ‘the help’ and ‘yellow pages.’ Activist investor TCS Capital Management has proposed that Yelp consider another combination – a merger with Angi Inc.

Yelp and Angi are competitors in the online home services sector, which helps with services including repairs and renovations.

TCS Capital asserts that Yelp is greatly undervalued and could potentially sell for over double its current share price. Yelp's shares surged by 10% following the suggestion.

In its heyday, Yelp shares traded at over $100. As of yesterday, Yelp's shares were valued at $34.38, which still represents a 45% rise since the company went public in 2012 – around the last time I used the website.

The content we're consuming today

• Insider: The case of the Lego Bandit.

• Money: Inside and Out: The International Clearing Union: 80 years on.

• Whale Hunting: Ethical Capital Partners?

Off-balance sheet items

• It’s a good day to be a Bulgarian, with the International Booker Prize announcing its first ever Bulgarian winner. Georgi Gospodinov’s Time Shelter, translated by Angela Rodel, was the winner. Hopefully this makes up for missing out on Eurovision.

The bottom line