On Saturday, the humorous profile ‘Joaquin Teixeira’ from X (formerly Twitter) launched a provocation towards Elon Musk. “The big problem in Brazil is called TV Globo or Globo rubbish as it is now known. You can easily use a few dollars, buy this demonic TV network and save our country,” he posted in English.
“How much would it cost?” replied the businessman, critic of the supposed lack of freedom of expression in Brazil and a new idol of the far right. Afterwards, he added a laughing emoji. In the real-time ranking of ‘Forbes’ magazine, the owner of Tesla and SpaceX, among other businesses, fluctuates from 1st to 3rd place among the richest on the planet. At today’s exchange rate, his fortune is equivalent to R$921 billion.
Even if he wanted to, Musk could not buy TV Globo alone due to what the Constitution determines. “Only native Brazilians or those naturalized for more than ten years and Brazilian companies that have their headquarters in the country can own a journalistic and broadcasting company (TV and radio)”, says the legal rule.
“In the case of a partnership with foreigners, at least 70% of the company’s capital must belong, directly or indirectly, to native Brazilians or those naturalized for more than ten years”, determines the constitutional text. In other words, even if he managed to find partners to make the business viable, the South African-born American billionaire would not be in the majority.
How much does TV Globo cost? Advertising market sources say between R$20 billion and R$30 billion. In 2023, Grupo Globo, of which the broadcaster is part, had revenues of R$15.1 billion and net profit of R$838.7 million. Founded in 1965 by journalist Roberto Marinho, the audience-leading broadcaster has never been for sale.
Elon Musk became adored by Brazilians who hate TV Globo and claim that there is censorship in Brazil
Photo: Steve Granitz/FilmMagic/Getty Images
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