I couldn't figure out what about Giphy was worth $400 million, especially since its search seems so bad recently, and too many results are themselves the results of marketing campaigns or similar.

Then Gruber nailed it:

Of course Giphy is going to retain its own brand. If they renamed it to โ€œFacebook Tracking Pixelsโ€, usage might drop off.

I think he's got that one on the nose.

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