"A US District Court judge in Texas dismissed the case, citing a lack of jurisdiction and X's failure to state a claim, stating that X hadn't suffered an antitrust injury."
"X alleged that the participation of major brands in the Global Alliance for Responsible Media was tantamount to a conspiracy to collectively withhold billions of dollars in advertising from X."
"The plaintiffs called the lawsuit an attempt to use the courthouse to win back the business X lost in the free market when it disrupted its own business and alienated many of its customers."
"EMARKETER estimated X's revenue would reach $2.2 billion in 2026, significantly below its pre-acquisition level of $4.5 billion."
A US District Court judge dismissed a lawsuit by Elon Musk's X against major advertisers like Mars and Nestle, citing lack of jurisdiction and failure to demonstrate antitrust injury. X claimed these brands conspired to withhold advertising revenue after Musk's takeover. The lawsuit followed an investigation into potential collusion among advertisers against conservative platforms. The plaintiffs argued the lawsuit was an attempt to recover lost business due to X's own operational changes. X's advertising revenue is projected to decline significantly compared to pre-acquisition levels.
Read at www.businessinsider.com
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