Key takeaways:
- Social media site X, formerly known as Twitter, was suspended in Brazil by a Supreme Court ruling after Elon Musk declined to designate a lawyer for the company.
- Moraes had been looking into X for permitting and disseminating false information against Jair Bolsonaro, the former president of Brazil.
Social media site X, formerly known as Twitter, was suspended in Brazil by a Supreme Court ruling after Elon Musk declined to designate a lawyer for the company.
As stated in an Associated Press report from August 30, Justice Alexandre de Moraes carried out his threat to close down X’s operations in Brazil in the event that Musk did not designate a legal counsel by August 29. The Global Government Affairs team at X declared that the platform would not abide by Moraes’ unlawful directives to censor his political rivals.
What X might do next for Brazilian users is unknown. Musk has claimed in numerous posts that Justice Moraes was a “dictator” and “evil” because of his purported “illegal political censorship.”
Moraes had been looking into X for permitting and disseminating false information against Jair Bolsonaro, the former president of Brazil.
Users of Brazilian X claimed to be able to access the social media network. Of the approximately 217 million people living in the nation, Statista estimates that over 20 million utilize X.
The decision came after satellite provider Starlink revealed on August 29 that Judge Moraes had ordered the freezing of the business’s Brazilian cash. Starlink is owned by SpaceX, another company that Musk owns.
BlackRock is expanding its range of cryptocurrency products overseas. Using a depositary receipt, the company launched its Ethereum exchange-traded fund (ETF) on Brazil’s stock exchange B3 on August 28.
Individual and institutional investors can purchase the iShares Ethereum Trust (ETHA), which is traded in the country under the ticker ETHA39, according to the local sources’ information.
Depositary receipts are securities that reflect shares in a foreign fund or company. Annual management costs will be set at 0.25% to correspond with US rates. Nevertheless, during the first year of trading or until the ETF manages $2.5 billion in assets, these fees will be halved to 0.12%.
