Elon Musk, CEO of Tesla TSLA and Twitter, is also a news hound who regularly comments on global events - from Brittney Griner’s detention in Russia for cannabis oil possession, constant outrages against women in Iran and now the violent attack on Brazil’s capital by election deniers.
What Happened: Brazil's Jan. 6 Moment
On Sunday, thousands of protestors overran the presidential palace and Supreme Court in what could only be described as a January 6 moment as armed rioters screamed that the election had been stolen and attacked police officers.
At least 1200 rioters have already been arrested after Sunday’s attack. Police also began dismantling a tent city in the capital Brasilia where supporters of the former far-right President Jair Bolsonaro had been camping out since he lost the elections in October by a slim margin.
Democratically-elected President Luiz Inácio Lula da Silva, known as Lula, called the protestors “fanatic fascists.”
Sunday’s riots are seen as the worst outbreak of violence since the end of the country’s military dictatorship 38 years ago. Brazil is the largest democracy in Latin America.
Musk responded to Sunday’s violent riots: "I hope that the people of Brazil are able to resolve matters peacefully," Musk tweeted.
I hope that the people of Brazil are able to resolve matters peacefully— Elon Musk (@elonmusk) January 8, 2023
Musk On Election Results And Twitter Influence
Shortly after Lula won the elections in Brazil, Musk commented on the results, tweeting that “it’s possible Twitter personnel gave preference to left-wing candidates,” and therefore helped turn the political tide that led to Lula’s victory over the far-right former President Bolsonaro.
Musk paid a surprise visit to Brazil this past May in connection with giving Starlink internet connectivity to 19,000 rural schools in the country and to also use the service for monitoring illegal lumbering in the Amazon forest.
In any case, Musk seemingly has accepted the results of Brazil's elections, which were confirmed by multiple organizations and accepted by the international community although Bolsonaro has not formally conceded. The former president left the country for Florida just prior to last week’s inauguration of Lula.
How Is The Market Responding?
As yet, the aftereffects of Brazil's political turmoil have not been ascertained though some say it could eventually be reflected in the Ishares Msci Brazil ETF EWZ. The ETF is up 4.85% over the past year.
At the time of this publication, EWZ shares were trading down 0.07% at $28.28 per share.
Photo: NORAD and USNORTHCOM Public Affairs on Wikimedia Commons and Antonio Scorza and Sandu Herta on Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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