Billionaire Bill Ackman warns that Brazil’s court order to suspend Elon Musk’s X and freeze Starlink funds could drive away investors and harm the country’s market.
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Hedge fund manager and billionaire Bill Ackman has joined the conversations of the court order that will suspend Elon Musk’s X in Brazil, saying the ruling will most likely drive investors away and will evidently pull money away and harm the country.
On Friday, the Justice Alexandre de Moraes of the Supreme Court in Brazil directed internet providers to block access to X for users, as the social media platform declined to appoint a legal representative in the country for handling requests to remove accounts responsible for spreading political misinformation. The Supreme Justice took it a step further in freezing funds of Musk's company, Starlink, to serve as collateral for the money owed by fines due to X not following the orders set forth by the Supreme Court. “Illegal shut down of X and account freeze at Starlink put Brazil on a rapid path to becoming an uninvestable market,” Ackman said in a post on X on Saturday night. He went on to state that China made this same mistake, leading to capital flight and a collapse in valuations.
Over the weekend we saw in Brazil many large providers of internet following the courts order. Many are now watching to see how this order will continue and if other panel members of the Supreme Court justices will back the ban.
