Statement from X CEO Linda Yaccarino
Linda Yaccarino, CEO of social media platform X, has penned an open letter to advertisers, announcing that Health, Mars, Orsted, and Unilever.
Yaccarino stated that he reviewed the report titled “The Harm of GARM” prepared by the US House Judiciary Committee last month. He drew attention to the fact that there was evidence in this report that an illegal boycott was carried out against many companies, including X. Yaccarino stated that the illegal activities of these organizations and their executives cost X billions of dollars.
The lawsuit filed in federal court in Texas, alleges that the organizations in question “conspired to collectively withhold” billions of dollars in advertising revenue from the platform formerly known as Twitter. The lawsuit emphasizes that this boycott began in November 2022, after Elon Musk purchased Twitter, and was initiated due to concerns that Twitter’s content and safety standards would change.
“Collective action among competing advertisers shortens the competitive process for determining brand safety standards to be applied by social media platforms and allows the collective views of a group of advertisers with market power to prevail over the interests of consumers,” X’s complaint said.
On the other hand, after Elon Musk bought Twitter in 2022, it was also observed that the platform experienced a significant decrease in advertising revenues.
