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| Ad Group 'Discontinuing' GARM Initiative Following Elon Musk Lawsuit - Business Insider |
| 2024-08-09 |
| Elon wins that one. Expect another attack, probably by next week, certainly before the election. [BusinessInsider] The advertising trade group The World Federation of Advertisers told its members on Thursday that it was "discontinuing" activities for its Global Alliance for Responsible Media initiative following an antitrust lawsuit filed by Elon Musk's X against the company earlier this week. Stephan Loerke, the CEO of the WFA, wrote in an email to members, seen by Business Insider, that the decision was "not made lightly" but that GARM is a not-for-profit organization with limited resources. Loerke said that the WFA and GARM intended to contest the allegations in X's suit in court and were confident the outcome of the case would "demonstrate our full adherence to competition rules in all our activities." "But discovery is such a bitch" The news came just two days after X filed an antitrust suit in a Texas court, which alleged that GARM's members illegally colluded to "collectively withhold billions of dollars in advertising revenue" from Twitter, now known as X. GARM members Unilever, Mars, CVS, and Xrsted are also named defendants. Representatives for the WFA and GARM didn't immediately respond to requests for comment from Business Insider. X CEO Linda Yaccarino posted to X shortly after this article was published: "No small group should be able to monopolize what gets monetized. This is an important acknowledgement and a necessary step in the right direction. I am hopeful that it means ecosystem-wide reform is coming." |
| Posted by:Fred |