Bloomberg by Ney Hayashi 9/1/2024
Hedge fund billionaire Bill Ackman joined critics of a court order to suspend Elon Musk’s X in Brazil, saying the ruling will likely drive away investors and harm the country.
On Friday, Supreme Court Justice Alexandre de Moraes ordered internet service providers in Brazil to block its users from accessing X, after the social media company refused to appoint a legal representative in the country to deal with requests to take down accounts allegedly involved in spreading political misinformation.
Moraes also ordered the freeze of funds held by another of Musk’s enteprises, Starlink, to serve as collateral for fines imposed on X for not following court decisions.
The “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. “China committed similar acts leading to capital flight and a collapse in valuations. The same will happen to Brazil unless they quickly retreat from these illegal acts.”
More:
https://finance.yahoo.com/news/bill-ackman-says-x-ban-142336827.html
