Deepak Shenoy, founder and chief executive officer (CEO) of the wealth management firm Capitalmind, on Sunday reacted to Brazil banning Elon Musk's X platform in the country, and said that technically India remains only investable BRIC nation.
Shenoy made the remark while responding to a post social media platform X by Bill Ackman, the CEO of Pershing Square, an investment holding firm.
Bill Ackman posted about Brazil's move to ban the social media platform X on August 31, after one of the country's top supreme court judges ruled on suspension of the application.
Ackman said that Brazil's move has put the country on a path to become an uninvestable market. He referred to Brazil's action as that of China, which created a situation of capital flight and a fall in valuations in the Asian country.
“Brazil’s illegal shut down of @X and account freeze at Starlink put Brazil on a rapid path to becoming an uninvestable market. 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,” said the executive in his post on platform X.
Ackman said in the post that there is a chance a similar situation may arise in Brazil if the country does not take back from these “illegal” acts. Shenoy responded to Ackman's post by stating that India remains the only opportunity for an investor looking into investing in BRIC nations.
Reposting Ackman's post, Shenoy said, “Technically if you can't invest in Russia, China or Brazil, then it's just India left in the BRIC. Of course unless we also do something stupid like banning twitter…”
BRICS is a group of nations comprising Brazil, Russia, India, China and South Africa. Shenoy's response post on platform X did not consider South Africa.
Shenoy highlighted that India has this opportunity unless the country carries out a similar move to Brazil to suspend platform X. “Of course unless we also do something stupid like banning twitter...,” said the Capitalmind Head on the social media platform.
