Elon Musk's X is suing a group of advertisers and major companies, including Unilever, Mars, CVS Health, Orsted, and the World Federation of Advertisers, for allegedly boycotting the site and depriving it of billions in revenue. The lawsuit, filed in Texas, claims these companies colluded to withhold advertising spending following Musk's acquisition of X, leading to a significant drop in ad revenue. Legal experts believe the case is unlikely to succeed, as proving an actual agreement to boycott is challenging, and such actions may be protected under the First Amendment. X seeks unspecified damages and a court order to prevent further alleged conspiracies.
Category
🗞
NewsTranscript
00:00It's Benzinga, and here's what's on the block.
00:02Elon Musk's X is suing a group of advertisers and major companies, including Unilever, Mars,
00:08CVS Health, Orsted, and the World Federation of Advertisers for allegedly boycotting the
00:13site and depriving it of billions of dollars in revenue.
00:16The lawsuit, filed in Texas, claims these companies colluded to withhold advertising
00:20spending following Musk's acquisition of X, leading to a significant drop in ad revenue.
00:26Legal experts believe the case is unlikely to succeed, as proving an actual agreement
00:30to boycott is challenging, and such actions may be protected under the First Amendment.
00:35X is seeking unspecified damages and a court order to prevent further alleged conspiracies.
00:40For all things money, visit Benzinga.com.