X Corp, owned by billionaire Elon Musk, has sued 18 major music publishers and a leading U.S. music industry trade group, alleging they conspired to block competition and force the platform to buy music licenses at inflated prices. The lawsuit, filed on Friday in a federal district court in Texas, accuses the National Music Publishers’ Association along with major publishers including Sony Music, Universal Music Group and Warner Chappell of violating U.S. antitrust law. X alleges the publishers collectively refused to negotiate individual licensing agreements, instead pushing industrywide terms that the company says are anti-competitive. “X has been denied the ability to acquire a U.S. musical-composition license from any individual music publisher on competitive terms,” the complaint said. David Israelite, president and CEO of the National Music Publishers’ Association, rejected the claims, saying X is the only major social media platform that does not properly license music. “We allege that X has engaged in copyright infringement for years, and its meritless lawsuit is a bad faith effort to distract from publishers’ and songwriters’ legitimate right to enforce against X’s illegal use of their songs,” he said in a statement. Sony Music referred Reuters to the association’s response and declined further comment. Universal Music and Warner Chappell did not immediately respond to requests for comment. X also did not respond to a request for comment. According to the lawsuit, publishers representing more than 90% of U.S. copyrighted music coordinated their actions through the trade group. X said the publishers have issued thousands of takedown notices each week, targeting posts that contain copyrighted music — including those from high-profile accounts — in an effort to pressure the platform into accepting collective licensing terms. X said it has removed thousands of posts and suspended more than 50,000 users as a result, hurting its user engagement and advertising revenue. The company is asking the court to restore what it calls competitive conditions in music licensing and to award damages for lost ad revenue. The case follows earlier legal battles between X and music publishers. In 2024, X won dismissal of most claims in a lawsuit filed in 2023 by 17 publishers, including Sony and Universal, who accused the platform of infringing copyrights on nearly 1,700 songs and sought more than $250 million in damages. X said in Friday’s filing that some of the publishers involved in past litigation have been willing to negotiate individual settlements.

X Corp, owned by billionaire Elon Musk, has sued 18 major music publishers and a leading U.S. music industry trade group, alleging they conspired to block competition and force the platform to buy music licenses at inflated prices.

The lawsuit, filed on Friday in a federal district court in Texas, accuses the National Music Publishers’ Association along with major publishers including Sony Music, Universal Music Group and Warner Chappell of violating U.S. antitrust law. X alleges the publishers collectively refused to negotiate individual licensing agreements, instead pushing industrywide terms that the company says are anti-competitive.

“X has been denied the ability to acquire a U.S. musical-composition license from any individual music publisher on competitive terms,” the complaint said.

David Israelite, president and CEO of the National Music Publishers’ Association, rejected the claims, saying X is the only major social media platform that does not properly license music. “We allege that X has engaged in copyright infringement for years, and its meritless lawsuit is a bad faith effort to distract from publishers’ and songwriters’ legitimate right to enforce against X’s illegal use of their songs,” he said in a statement.

Sony Music referred Reuters to the association’s response and declined further comment. Universal Music and Warner Chappell did not immediately respond to requests for comment. X also did not respond to a request for comment.

According to the lawsuit, publishers representing more than 90% of U.S. copyrighted music coordinated their actions through the trade group. X said the publishers have issued thousands of takedown notices each week, targeting posts that contain copyrighted music — including those from high-profile accounts — in an effort to pressure the platform into accepting collective licensing terms.

X said it has removed thousands of posts and suspended more than 50,000 users as a result, hurting its user engagement and advertising revenue. The company is asking the court to restore what it calls competitive conditions in music licensing and to award damages for lost ad revenue.

The case follows earlier legal battles between X and music publishers. In 2024, X won dismissal of most claims in a lawsuit filed in 2023 by 17 publishers, including Sony and Universal, who accused the platform of infringing copyrights on nearly 1,700 songs and sought more than $250 million in damages. X said in Friday’s filing that some of the publishers involved in past litigation have been willing to negotiate individual settlements.

TSMC Fourth-Quarter Revenue Jumps 20%, Beating Market Forecasts

TSMC, the world’s largest contract chipmaker, reported a 20.45% year-on-year rise in fourth-quarter revenue on Friday, beating market expectations as booming demand for artificial intelligence applications lifted sales.

Revenue for the October–December period reached T$1.046 trillion ($33.11 billion), based on Reuters calculations from the company’s monthly disclosures, up from T$868.46 billion a year earlier. The result topped an LSEG SmartEstimate of T$1.036 trillion and came within the company’s previous guidance range of $32.2 billion to $33.4 billion issued in October.

TSMC has been one of the biggest beneficiaries of the global AI boom, supplying advanced chips to customers such as Nvidia and Apple. Strong AI-related demand has more than offset softer orders for chips used in consumer electronics, where pandemic-driven demand has faded.

The company is scheduled to report full fourth-quarter earnings on January 15, when it is expected to provide updated guidance for the current quarter and the full year. Investors will be watching closely for details on capital expenditure plans and revenue growth expectations.

TSMC’s Taipei-listed shares rose 44.2% in 2025, significantly outperforming the broader Taiwanese market, which gained 25.7%. The strong performance mirrors broader momentum in the semiconductor supply chain driven by AI. Earlier this week, Foxconn, the world’s largest contract electronics maker and a key Nvidia server supplier, also reported robust fourth-quarter sales.

Stablecoin Firm Rain Valued at $1.95 Billion in $250 Million Fundraise

Stablecoin company Rain said on Friday it raised $250 million in a Series C funding round led by ICONIQ, valuing the firm at $1.95 billion, as investor appetite for crypto-related businesses continues to strengthen.

Stablecoins — cryptocurrencies pegged to assets such as the U.S. dollar — have gained traction among consumers, investors and major financial institutions as digital assets move closer to the financial mainstream. The sector has also benefited from a more accommodating regulatory environment under U.S. President Donald Trump’s administration, encouraging traditional financial firms to explore crypto-based products.

Rain said the latest round brings its total funding to more than $338 million and comes just four months after its previous fundraise. The company added that its valuation has risen more than 17-fold in the past 10 months.

A spokesperson for Rain said the company’s priority is to expand its presence in key licensed markets and deepen its full-stack stablecoin payments platform, including through strategic acquisitions.

Rain provides infrastructure that allows businesses to issue and manage stablecoin-linked payment cards and digital wallets, enabling users to transact anywhere Visa is accepted.

“Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work,” said Rain CEO and co-founder Farooq Malik. He added that Rain’s active card base has grown 30-fold over the past year, while annualized payment volume increased 38%, though the company remains “in the early innings.”

Malik said the new capital will be used to enter additional markets, scale operations and support more enterprise product launches.

Other investors participating in the round included Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest and Endeavor Catalyst.