Business news in brief
By The Associated Press
X sues advertisers over alleged ‘massive advertiser boycott’
WICHITA FALLS, Tex. | Elon Musk’s social media platform X has sued a group of advertisers, alleging that a “massive advertiser boycott” deprived the company of billions of dollars in revenue and violated antitrust laws.
The company formerly known as Twitter filed the lawsuit Tuesday in a federal court in Texas against the World Federation of Advertisers and member companies Unilever, Mars, CVS Health and Orsted. It accused the advertising group’s initiative called the Global Alliance for Responsible Media of helping to coordinate a pause in advertising after Musk bought Twitter for $44 billion in late 2022 and overhauled its staff and policies.
Bloomberg gives $600M to four Black medical schools’ endowments
NEW YORK | Michael Bloomberg’s organization Bloomberg Philanthropies committed $600 million to the endowments of four historically Black medical schools to help secure their future economic stability.
Speaking in New York at the annual convention of the National Medical Association, an organization that advocates for African American physicians, Bloomberg, the former New York City mayor and billionaire founder of Bloomberg LP, pointed to the closure in the last century of all but four historically Black medical schools, despite the well-documented impact that Black doctors have on improving health outcomes for Black patients.
Small Business Administration expands clean energy loan program
NEW YORK | The Small Business Administration is looking to attract lenders to finance small businesses’ clean energy projects. It’s targeting lenders ranging from hyperlocal microlenders to nationally oriented financial institutions. Microlenders offer loans up to $50,000. A Certified Development Company is a nonprofit focused on economic development of its community.
Lastly, a Community Advantage Small Business Lending Company, or CA SBLC, is a non-bank lender focused on “mission driven” projects. The CA SBLCs can apply to offer loans up to $2 million to finance climate-related projects.
—From AP reports
