Brazilian Supremes Flip-Flop on X Ban: A Trumpian Saga Unfolds

Oh, the irony! The Brazilian Supreme Court, in a move as predictable as a Trump tweet, has backpedaled on its decision to ban the soon-to-be Texas-based social media app X. Buckle up, folks, because this is a wild ride.

In late August, Judge Alexandre de Moraes, in a moment of misplaced authority, decided that banning X was the key to combating misinformation. Because, you know, silencing platforms always works out well. Specifically, Moraes wanted Musk to block specific accounts he deemed "dangerous." These accounts, supposedly part of "digital militias," were accused of spreading misinformation and threatening public officials. Shocking, right?

But wait, there's more! Just weeks later, de Moraes is singing a different tune. According to CBS, the reversal comes as X has complied with all of Moraes's demands to have the suspension lifted. Last week, the judge confirmed that the company settled around $5.2 million in fines. Money talks, I guess.

Musk's Texas Takeover: From Austin to Bastrop

In July, Elon Musk announced he was moving all his remaining companies to Texas after a public feud with California Gov. Gavin Newsom. Because, of course, Texas is the new Silicon Valley. Last week, in a move that surprised absolutely no one, Musk announced that the new X headquarters would be in Bastrop, not Austin.

SpaceX, Musk's spacecraft manufacturing company, already has facilities in Bastrop, where Musk is building the Hyperloop Plaza. This work-live community for his employees is basically a tech bro's dream come true. Who needs affordable housing when you can live in a spaceship?

X's Financial Freefall: Musk's Money Pit

Let's not forget that X is now worth less than it was when Musk bought it. The business titan paid $44 billion for the company, and the latest market data shows it is now worth $19 billion. A report from The Wall Street Journal has called this the worst merger-finance deal for banks since the 2008-09 financial crisis.

Some of the devaluation can be attributed to a litany of scandals and changes that include a complete rebranding of the app, the addition of built-in AI, a new CEO, advertisers fleeing the website — and Musk subsequently suing them in retaliation. Classic Musk.

The app being banned in Brazil after Musk refused to suspend accounts the Brazilian government spotlighted was the latest in high-profile spats the company had before it was resolved this week.

Beck Andrew Salgado covers trending topics in the Austin business ecosystem for the American-Statesman. To share additional tips or insights with Salgado, email Bsalgado@gannett.com.