Bill Ackman says Brazil’s ban on X will make country ‘uninvestable’ (NASDAQ:META)

Hedge fund billionaire Bill Ackman is among the latest critics of a court order to suspend Elon Musk’s social media platform X in Brazil, telling The Sun in an interview that the ruling is likely to scare away investors and hurt the country. Posted online.

Supreme Court Justice Alexandre de Moraes on Friday ordered internet service providers in Brazil to block people from accessing the X site. The order came in response to X’s refusal to name a legal representative in the country to handle requests to remove accounts that allegedly spread political misinformation.

The judge also ordered banks to freeze funds held by Starlink, another company owned by Elon Musk, as collateral for fines imposed on X for not complying with court orders.

“The illegal shutdown of X and the freezing of Starlink accounts have put Brazil on a fast track to becoming an uninvestable market,” Ackman, chairman of Pershing Square Capital Management, said in a post on X’s website late Saturday. “China has done similar things that have led to capital flight and valuation collapses. The same will happen to Brazil unless it quickly reverses these illegal actions.”