Meta's lawyers made the argument that Giphy's ad platform never had significant market potential in the first place and was therefore not unfairly restricting the market. Daniel Jowell, of Meta's legal team, said that the significantly lower offer that Meta rival Snap made to purchase Giphy backed up the wider perception that Giphy's ads did not have the potential to rival larger competitors. Snap previously made an informal offer of $142m to acquire Giphy, less than half of the $315m offer from Meta. Snap went on to acquire Giphy's competitor Gfycat. Jowell argued that the "minuscule" revenue of Giphy compared to Meta and Giphy's lack of ad presence in the UK further supported Meta's case. According to Jowell, Giphy's US revenue was less than 0.05% of the ad revenue made by Meta.