X sues advertising alliance, claims it lost billions of dollars due to its "illegal boycott"
On August 7th, it was reported that on August 6th, Musk's social media company X filed a federal antitrust lawsuit against the World Federation of Advertisers (WFA) in Texas, USA, alleging that companies within the alliance illegally boycotted the X platform. X accused companies such as CVS Health, Mars, and Unilever of conspiring to withhold billions of dollars in advertising fees to force the X platform to maintain certain safety standards.
According to the lawsuit, the boycott began in November 2022 after Musk's acquisition of Twitter and has continued to this day. X stated that the alliance's agreement to boycott behavior violates antitrust laws and is a "mandatory exercise of market power."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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