> In this case it was specifically intentionally misleading (something they have logs to prove)

No such logs have been produced, FWIW. They made some vague claims in the original suit, but haven't backed it up. Broadly the claim amounts to: Media Matters created burner accounts that follow a bunch of nazis, racists, and other hateful accounts, and did it so that they could embarrass X when it got served ads for Disney products or whatever.

And, maybe that's true. Media Matters is an in-the-trenches democratic political organ, and Musk has coded himself conservative in his current incarnation. He's an enemy, and they're going to go after him. That's just politics.

But I don't see how you get from there to damages. It's certainly not libel; Media Matters did, after all, tell the truth. Nor is it fraud. X really did serve the ads, and the content really was hateful. Anyone else following those hate accounts would get the same content, Media Matters didn't "hack the algorithm", they just followed a lot of evil nonsense.