On Tuesday, Brazilian President Luiz Inacio Lula da Silva announced that his administration has finalized a proposal to regulate social media platforms, signaling a major step in the country's efforts to oversee online speech — a move coming almost a year after Elon Musk's X, formerly Twitter, was briefly banned in Brazil.

Speaking to the local news organization BandNews, Lula said the proposal would be on his desk on Wednesday afternoon and ready to be sent to Congress, reported Reuters.

This announcement comes after a turbulent year for Musk's X platform in Brazil.

In August 2024, Brazil's Supreme Court justice Alexandre de Moraes ordered a temporary ban on X over the platform's alleged failure to comply with court orders related to misinformation and legal representation.

The ban also froze financial accounts of Musk's satellite internet company, Starlink, in the country.

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At the time, Musk responded by advising users to download VPNs to bypass potential blocks and offering free Starlink internet services to Brazilians amid the legal dispute.

Lula has previously criticized Musk's ideological stance, saying, "The world is not obliged to put up with Musk's far-right ideology just because he is rich."

Musk has a net worth of $379 billion, according to the Bloomberg Billionaire Index, making him the wealthiest individual in the world.

Earlier this month, U.S. President Donald Trump implemented a 50% tariff on Brazilian imports, attributing the decision to what he described as a "witch hunt" targeting former President Jair Bolsonaro and to Brazil's "unfair trade practices," particularly in relation to U.S. companies' digital commerce.

In response, the Brazilian President expressed his hope to meet Trump someday for a respectful discussion between heads of state.

On Tuesday, Lula revealed that he had sent Trump an invitation to attend the COP30 global climate summit, scheduled to take place in Brazil later this year, the report said.

He also noted plans to hold talks next week with leaders from France, Germany and the EU regarding the ongoing EU-Mercosur trade agreement negotiations.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.