Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Flashback: Top five wildest moments from Elon Musk’s...
Less than half of DOGE-terminated contracts can be...
Jill Biden should have to answer for ‘cover...
DOGE staffing shakeup as Elon Musk hangs up...
State Dept says DOGE’s changes will be permanent...
President Trump teases ‘last day, but not really’...
Trump denounces court’s ‘political’ tariff decision, calls on...
I’m a physician and I’m worried that our...
Inside the late-night drama that led to Trump’s...
Alleged attempt to impersonate White House chief of...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Business

Elon Musk’s X sues advertisers over alleged ‘massive advertiser boycott’ after Twitter takeover

by admin August 7, 2024
August 7, 2024
Elon Musk’s X sues advertisers over alleged ‘massive advertiser boycott’ after Twitter takeover

WICHITA FALLS, Tex. — Elon Musk’s social media platform X has sued a group of advertisers, alleging that a “massive advertiser boycott” deprived the company of billions of dollars in revenue and violated antitrust laws.

The company formerly known as Twitter filed the lawsuit Tuesday in a federal court in Texas against the World Federation of Advertisers and member companies Unilever, Mars, CVS Health and Orsted.

It accused the advertising group’s initiative, called the Global Alliance for Responsible Media, of helping to coordinate a pause in advertising after Musk bought Twitter for $44 billion in late 2022 and overhauled its staff and policies.

Musk posted about the lawsuit on X on Tuesday, saying “now it is war” after two years of being nice and “getting nothing but empty words.”

X CEO Linda Yaccarino said in a video announcement that the lawsuit stemmed in part from evidence uncovered by the U.S. House Judiciary Committee which she said showed a “group of companies organized a systematic illegal boycott” against X.

The Republican-led committee had a hearing last month looking at whether current laws are “sufficient to deter anticompetitive collusion in online advertising.”

The lawsuit’s allegations center on the early days of Musk’s Twitter takeover and not a more recent dispute with advertisers that came a year later.

In November 2023, about a year after Musk bought the company, a number of advertisers began fleeing X over concerns about their ads showing up next to pro-Nazi content and hate speech on the site in general, with Musk inflaming tensions with his own posts endorsing an antisemitic conspiracy theory.

Musk later said those fleeing advertisers were engaging in “blackmail” and, using a profanity, essentially told them to go away.


This post appeared first on NBC NEWS

previous post
Google loses antitrust case over search
next post
How sustainable diaper brand Kudos is taking on industry giants — with a Target rollout

You may also like

Biden blocks Japan’s Nippon Steel from $15 billion...

January 7, 2025

Robinhood app says SEC dismissed crypto investigation in...

February 25, 2025

Boeing CEO says China has stopped taking its...

April 24, 2025

Amazon ‘anti-union propaganda,’ employee surveillance loom over labor...

February 18, 2025

Elon Musk’s politics are hurting Tesla, 85% say...

March 13, 2025

Broadband industry quietly abandons Capitol Hill fight to...

September 11, 2024

Egg prices are falling, with a dozen now...

March 15, 2025

AMD CEO calls China a ‘large opportunity’ and...

May 8, 2025

Here’s why business leaders are spending big on...

December 26, 2024

Dental supply stock surges on RFK’s anti-fluoride stance,...

November 20, 2024

Recent Posts

  • Flashback: Top five wildest moments from Elon Musk’s DOGE tenure as it comes to an end
  • Less than half of DOGE-terminated contracts can be publicly tracked, only about a quarter of grants: watchdog
  • Jill Biden should have to answer for ‘cover up’ of former president’s decline, White House says
  • DOGE staffing shakeup as Elon Musk hangs up his hat, White House confirms
  • State Dept says DOGE’s changes will be permanent amid Musk’s departure

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (751)
    • Investing (2,211)
    • Politics (2,729)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.