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Musk’s X sues advertising group over boycott that allegedly cost it billions
Livemint
·
9m ago
Medial
Elon Musk's social media company X has filed an antitrust lawsuit against an advertising industry coalition, alleging that the group illegally boycotted the platform. X claims that companies such as CVS Health, Mars, and Unilever conspired to withhold billions of dollars in advertising to force the platform, formerly known as Twitter, to meet certain safety standards. The boycott began in November 2022 and continues to this day. X argues that the coalition's actions violate antitrust laws by coercively exercising market power. Musk has been more litigious recently, with X involved in multiple lawsuits.
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Elon Musk's X sues advertisers over alleged 'massive advertiser boycott' after Twitter takeover
Economic Times
·
11m ago
Medial
Elon Musk's social media platform X is suing a group of advertisers, claiming that a major advertiser boycott has cost the company billions of dollars in revenue and violated antitrust laws. The lawsuit, filed in a Texas federal court, targets the World Federation of Advertisers and member companies Unilever, Mars, CVS Health, and Orsted, accusing them of coordinating a pause in advertising after Musk's acquisition of Twitter. The lawsuit alleges that evidence uncovered by the US House Judiciary Committee shows that these companies organized an illegal boycott against X. This lawsuit focuses on the early days of Musk's Twitter takeover, separate from the later disputes with advertisers concerning hate speech and inappropriate content.
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Media Matters sues to block FTC probe over Musk's X boycott claims
Economic Times
·
22d ago
Medial
Media Matters is suing to block a U.S. FTC probe, which the group claims is retaliation for criticizing Elon Musk. The FTC demands communications related to alleged advertising boycotts against Musk's platform, X. Media Matters denies coordinating boycotts and accuses the FTC of impeding its media work. This legal battle stems from accusations by X that Media Matters defamed it, linking ads to extremist content, which Media Matters also denies.
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X is worth 71% less now after Elon Musk took over and burned its bridges with advertisers: Fidelity
Business Insider
·
1y ago
Medial
Elon Musk's acquisition of X (formerly Twitter) has led to a significant decline in its value, with Fidelity reporting a 71.5% decrease since the purchase. Fidelity has been revising down the value of its equity stake in X consistently since Musk took over, estimating it to be worth around $15 billion in May 2023. X faced financial challenges throughout the year, including a drop in advertising revenue and a boycott by major advertisers due to controversy surrounding Musk's endorsement of an antisemitic post.
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Elon Musk's X sues Media Matters over ad controversy
Livemint
·
1y ago
Medial
Elon Musk's X Corp is suing Media Matters for allegedly manipulating social media algorithms and fabricating posts. Musk claims this is the first lawsuit of many against the liberal media advocacy group. The lawsuit accuses Media Matters of bypassing safeguards and associating ads from X's largest advertisers with racist content. Media Matters defends itself, calling the lawsuit frivolous and aiming to silence critics. This controversy arose after Musk's endorsement of a post on X that spread anti-Semitic sentiments. Several advertisers pulled their ads from the platform in response.
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Elon Musk’s X faces privacy complaints against personal data violations in Europe
Livemint
·
11m ago
Medial
A Vienna-based privacy campaign group called Noyb (None of Your Business) has filed complaints in eight European countries against Elon Musk's X over allegations of unlawfully using personal data of users in its artificial intelligence (AI) technology without their consent. The group claims that X has been feeding the personal data of over 60 million European users into its AI technology without informing or seeking consent from them. Noyb has requested an urgent investigation into the matter and is calling for X to comply with EU law regarding user consent.
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Musk's X reaches deal to drop Twitch from lawsuit over ad spending
Economic Times
·
3m ago
Medial
Elon Musk's X has reached a memorandum of understanding with Twitch to resolve claims of a conspiracy to boycott X, causing loss of ad revenue. Filed in November as part of a larger antitrust lawsuit against several companies, the agreement requires Twitch to meet specific conditions by year-end. This development follows a similar arrangement with Unilever. The lawsuit contends various companies, wary post-Musks’s acquisition, conspired to withhold advertising funds.
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Texas judge in lawsuit by Elon Musk's X against advertisers exits case
Economic Times
·
11m ago
Medial
A federal judge in Texas has recused himself from a lawsuit involving Elon Musk's social media platform X and a group of advertisers, after reports emerged that he owned shares in Tesla. U.S. District Judge Reed O'Connor did not provide a reason for his recusal. X had filed a lawsuit accusing the World Federation of Advertisers and others of conspiring to boycott the platform. O'Connor's office and X did not comment on the matter. Another judge, U.S. District Judge Ed Kinkeade, has been assigned to the case.
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US sues Elon Musk for allegedly failing to disclose early Twitter stock purchase
Inshorts
·
6m ago
Medial
The US Securities and Exchange Commission has sued Elon Musk for allegedly failing to disclose his ownership of Twitter stock and later acquiring shares in the company at artificially low prices. The lawsuit seeks to force Musk to pay civil fine and disgorge profits he didn't deserve. Musk purchased Twitter for $44 billion in October 2022, and renamed it X.
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'X will be fine': Elon Musk talks advertising, birth rate in Rome
Economic Times
·
1y ago
Medial
Elon Musk claimed at a political festival in Rome that advertisers were returning to X (formerly Twitter) after an exodus due to concerns about extreme posts. He stated, "Brand advertisers are always worried about their brand... But I think it's a short-term issue." Musk's comments were more optimistic than before when he suggested the advertising boycott could "kill the company." He attributed the exodus to organizations infected by a "woke mind virus," criticizing identity politics as divisive and anti-meritocratic.
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Consumer protection agency sues Walmart, Branch alleging illegal pay practices for gig drivers
Livemint
·
6m ago
Medial
The Consumer Financial Protection Bureau has sued Walmart and Branch Messenger for allegedly forcing drivers in Walmart’s Spark program to use high-cost deposit accounts for payments, violating federal law. The drivers reportedly faced complex processes and fees to access their earnings. The practice resulted in over $10 million in unfair fees. Walmart and Branch deny the allegations, criticizing the lawsuit for inaccuracies and procedural issues, and plan to defend their actions in court.
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