A U.S. judge in Dallas has thrown out X Corp.’s antitrust lawsuit against the World Federation of Advertisers and prominent firms like Mars, CVS Health, and Colgate-Palmolive. The lawsuit, filed in 2024, claimed that these advertisers, through the Global Alliance for Responsible Media, purposely withheld advertising revenue from X, formerly known as Twitter. However, U.S. District Judge Jane Boyle ruled that X did not demonstrate any harm under federal antitrust laws.
The lawsuit alleged that the advertisers conspired against X, violating U.S. antitrust laws. CVS and other defendants denied any wrongdoing, arguing that X failed to prove coordinated action among them in their advertising decisions. The companies cited concerns about X’s brand safety after Elon Musk’s 2022 leadership transition, where he terminated employees maintaining a user-friendly and family-oriented platform.
In a separate legal battle, Musk faced accusations of defrauding Twitter shareholders by manipulating the company’s stock price to benefit from a $44 billion acquisition deal in 2022. Recent developments saw Musk’s lawyer questioning the jury’s integrity, claiming they sent a message to Musk with a peculiar numerical notation on the verdict form, potentially impacting the $2.5 billion in damages.
Musk’s lawyer criticized the jury’s conduct, implying bias against Musk. Despite the ongoing legal challenges, the investors’ lawyers defended the jury’s decision, emphasizing Musk’s responsibility for his actions. The investors accused Musk of intentionally harming Twitter’s stock value through his remarks, leading to financial losses for shareholders who sold their shares during the tumultuous period.