FTC Probes Ad Giants Over Alleged Boycotts Linked to Elon Musk’s X

The U.S. Federal Trade Commission (FTC) has requested information from major advertising agencies as part of an antitrust investigation into potential coordinated ad boycotts, according to the Wall Street Journal. The probe is focused on whether advertising and advocacy groups colluded to pull ads from certain platforms, particularly X (formerly Twitter) after its acquisition by Elon Musk.

Agencies reportedly contacted by the FTC include Omnicom Group (NYSE:OMC), WPP (LON:WPP), Dentsu, Interpublic Group, Publicis Groupe (EPA:PUBP), Havas, and Horizon Media. The letters, sent on Monday, seek to uncover any unlawful coordination aimed at targeting specific media platforms.

The investigation also involves nonprofit organizations like Media Matters and Ad Fontes Media, both known for evaluating media bias and credibility. In May, the FTC demanded documents from Media Matters to determine whether it collaborated with other watchdogs accused of influencing advertisers to boycott X, as Musk had claimed.

Tensions between Musk and Media Matters escalated earlier this year when Media Matters sued X, alleging that Musk had launched abusive and retaliatory lawsuits in response to its coverage of advertising practices on the platform. The FTC’s latest move signals heightened scrutiny over possible antitrust violations tied to advertiser behavior.

None of the firms mentioned — including the FTC, Media Matters, or the advertising agencies — have issued official comments. Horizon Media declined to comment, and Reuters has yet to independently verify the report.

The investigation highlights growing regulatory focus on the intersection of digital advertising, media influence, and corporate power in shaping public discourse.