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In the realm of social media, X’s revenue is on an upward trajectory, with an increase to $2.3 billion this year compared to $1.9 billion in the previous year. However, in 2022, when X was still known as Twitter and was acquired by Musk, global sales stood at $4.1 billion.

Despite the recent return of major players like Hulu and Unilever, total US ad spend on X experienced a 2 percent decline in the first two months of 2025 compared to the previous year, according to data from Sensor Tower, a market intelligence group. Even with American Express rejoining the platform this year, their ad spend has plummeted by approximately 80 percent compared to the first quarter of 2022.

Notably, four prominent ad agencies—WPP, Omnicom, Interpublic Group, and Publicis—have either finalized deals or are currently in discussions to establish annual spending targets with X through “upfront deals,” wherein advertisers commit to purchasing slots in advance. X, WPP, Omnicom, and Publicis have chosen to remain silent on these developments, while Interpublic Group did not respond to requests for comment.

Concerns have emerged within the advertising industry following X’s filing of a federal antitrust lawsuit last summer against the Global Alliance for Responsible Media. This coalition, comprising brands, ad agencies, and some companies like Unilever, was accused by X of orchestrating an “illegal boycott” under the guise of a brand safety initiative. The Republican-led House of Representatives Committee on the Judiciary has echoed similar sentiments. Despite these legal actions, Unilever was eventually dropped from X’s lawsuit after resuming advertising on the platform in October.

As a result of the lawsuit, some employees at WPP’s GroupM have expressed apprehension about their written communications concerning X or interactions over video conferencing, following discussions with their legal team. Additionally, an advertising executive highlighted that the anticipated $13 billion merger between Omnicom and Interpublic faced delays due to a recent request for additional information from a US watchdog, raising the specter of regulatory intervention in the deal.