“The majority of X’s advertising revenue today comes from small- and medium-sized businesses that are not GARM members or clients of GARM-member advertising agencies,” the complaint says. “As demand for advertising on X has declined as a result of the boycott, the price X’s remaining advertisers are willing to pay has declined as well.”
In fact, the lawsuit claims that ad prices on X “remain well below those charged by X’s closest competitors in the social media advertising market,” so “by refraining from purchasing advertising from X, boycotting advertisers are forgoing a valuable opportunity to purchase low-priced advertising inventory on a platform with brand safety that meets or exceeds industry standards.”