X (formerly Twitter) filed an antitrust lawsuit in Texas federal court on Tuesday against the World Federation of Advertisers (WFA) and several other major companies, including Unilever, Mars, CVS Health, and Orsted.

The New York Times

The lawsuit accuses the companies of violating antitrust laws by orchestrating a  "massive advertiser boycott," resulting the loss or billions of dollars of advertising revenue.

The lawsuit comes a month after the US House Judiciary Committee held a hearing to see whether current laws are "sufficient to deter anticompetitive collusion in online advertising."X's CEO Linda Yaccarino says that evidence from the  Committee demonstrates that the companies engaged in a coordinated and systematic illegal boycott against X.

The Associated Press

X's advertising revenue has been significantly lower since the company was purchased by Elon Musk in 2022, with the company expecting to earn roughly $2 billion in advertising revenue this year, down from $4.5 billion in ad revenue in 2021.

Axios

The Global Alliance for Responsible Media (GARM), created by the WFA in 2019, sets brand safety standards for digital advertisers. X's lawsuit claims that the alleged boycott was triggered when GARM conveyed concerns about X's compliance with its standards to its members.

X Brings Antitrust Lawsuit Against Advertising Group

X Brings Antitrust Lawsuit Against Advertising Group

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X Brings Antitrust Lawsuit Against Advertising Group

X Brings Antitrust Lawsuit Against Advertising Group

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