Unemployment and inflation have risen. He has been operating without a political party for two years. And Brazil’s Supreme Court and Congress are closing in on investigations into him, his sons and his allies.

Late last month, a Brazil congressional panel recommended that President Bolsonaro be charged with “crimes against humanity,” asserting that he intentionally let the coronavirus tear through Brazil in a bid for herd immunity. The panel blamed his administration for more than 100,000 deaths.

Minutes after the panel voted, Mr. Trump issued his endorsement. “Brazil is lucky to have a man such as Jair Bolsonaro working for them,” he said in a statement. “He is a great president and will never let the people of his great country down!”

instant.

“They say he’s the Donald Trump of South America,” Mr. Trump said in 2019. “I like him.”

To many others, Mr. Bolsonaro was alarming. As a congressman and candidate, he had waxed poetic about Brazil’s military dictatorship, which tortured its political rivals. He said he would be incapable of loving a gay son. And he said a rival congresswoman was too ugly to be raped.

Three months into his term, President Bolsonaro went to Washington. At his welcome dinner, the Brazilian embassy sat him next to Mr. Bannon. At the White House later, Mr. Trump and Mr. Bolsonaro made deals that would allow the Brazilian government to spend more with the U.S. defense industry and American companies to launch rockets from Brazil.

announced Eduardo Bolsonaro would represent South America in The Movement, a right-wing, nationalist group that Mr. Bannon envisioned taking over the Western world. In the news release, Eduardo Bolsonaro said they would “reclaim sovereignty from progressive globalist elitist forces.”

pacts to increase commerce. American investors plowed billions of dollars into Brazilian companies. And Brazil spent more on American imports, including fuel, plastics and aircraft.

Now a new class of companies is salivating over Brazil: conservative social networks.

Gettr and Parler, two Twitter clones, have grown rapidly in Brazil by promising a hands-off approach to people who believe Silicon Valley is censoring conservative voices. One of their most high-profile recruits is President Bolsonaro.

partly funded by Guo Wengui, an exiled Chinese billionaire who is close with Mr. Bannon. (When Mr. Bannon was arrested on fraud charges, he was on Mr. Guo’s yacht.) Parler is funded by Rebekah Mercer, the American conservative megadonor who was Mr. Bannon’s previous benefactor.

Companies like Gettr and Parler could prove critical to President Bolsonaro. Like Mr. Trump, he built his political movement with social media. But now Facebook, YouTube and Twitter are more aggressively policing hate speech and misinformation. They blocked Mr. Trump and have started cracking down on President Bolsonaro. Last month, YouTube suspended his channel for a week after he falsely suggested coronavirus vaccines could cause AIDS.

In response, President Bolsonaro has tried to ban the companies from removing certain posts and accounts, but his policy was overturned. Now he has been directing his supporters to follow him elsewhere, including on Gettr, Parler and Telegram, a messaging app based in Dubai.

He will likely soon have another option. Last month, Mr. Trump announced he was starting his own social network. The company financing his new venture is partly led by Luiz Philippe de Orleans e Bragança, a Brazilian congressman and Bolsonaro ally.

said the rioters’ efforts were weak. “If it were organized, they would have taken the Capitol and made demands,” he said.

The day after the riot, President Bolsonaro warned that Brazil was “going to have a worse problem” if it didn’t change its own electoral systems, which rely on voting machines without paper backups. (Last week, he suddenly changed his tune after announcing that he would have Brazil’s armed forces monitor the election.)

Diego Aranha, a Brazilian computer scientist who studies the country’s election systems, said that Brazil’s system does make elections more vulnerable to attacks — but that there has been no evidence of fraud.

“Bolsonaro turned a technical point into a political weapon,” he said.

President Bolsonaro’s American allies have helped spread his claims.

At the CPAC in Brazil, Donald Trump Jr. told the audience that if they didn’t think the Chinese were aiming to undermine their election, “you haven’t been watching.” Mr. Bannon has called President Bolsonaro’s likely opponent, former President Luiz Inácio Lula da Silva, a “transnational, Marxist criminal” and “the most dangerous leftist in the world.” Mr. da Silva served 18 months in prison but his corruption charges were later tossed out by a Supreme Court justice.

Eduardo Bolsonaro’s slide show detailing claims of Brazilian voter fraud, delivered in South Dakota, was broadcast by One America News, a conservative cable network that reaches 35 million U.S. households. It was also translated into Portuguese and viewed nearly 600,000 times on YouTube and Facebook.

protest his enemies in the Supreme Court and on the left.

The weekend before, just down the road from the presidential palace, Mr. Bolsonaro’s closest allies gathered at CPAC. Eduardo Bolsonaro and the American Conservative Union, the Republican lobbying group that runs CPAC, organized the event. Eduardo Bolsonaro’s political committee mostly financed it. Tickets sold out.

a fiery speech. Then he flew to São Paulo, where he used Mr. Miller’s detainment as evidence of judicial overreach. He told the crowd he would no longer recognize decisions from a Supreme Court judge.

He then turned to the election.

“We have three alternatives for me: Prison, death or victory,” he said. “Tell the bastards I’ll never be arrested.”

Leonardo Coelho and Kenneth P. Vogel contributed reporting.

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Trump’s $300 Million SPAC Deal May Have Skirted Securities Laws

Mr. Trump initially expected to announce his new social media company in August, according to a person briefed on the timing. But the plans were delayed after Mr. Trump’s son, Donald Trump Jr., voiced reservations about the Digital World deal, according to people familiar with the negotiations.

On Aug. 3, Mr. Orlando wrote to the S.E.C. asking for clearance to accelerate Digital World’s I.P.O. for that month, only to withdraw the request two days later. When the SPAC eventually went public on Sept. 8, raising $293 million, Digital World said it had still not identified a merger target.

Less than three weeks later, on Sept. 27, Mr. Orlando went to Mar-a-Lago, Mr. Trump’s private club in Florida, to sign a “letter of intent” — an initial formal step toward a merger of Digital World and Trump Media, according to a person with knowledge of the event. For a new SPAC, it was an extraordinarily swift turnaround; most SPACs take at least a year to find and merge with a target.

On Oct. 20, Mr. Orlando returned to Mar-a-Lago, where he and Mr. Trump signed the final paperwork under chandeliers in a cavernous golden ballroom, according to an attendee. Donald Trump Jr. and the former “Apprentice” contestants, Mr. Moss and Mr. Litinsky, were among those in attendance.

After the deal was announced last week, Digital World’s shares rocketed higher. This week, they plummeted. At least two of the anchor investors, D.E. Shaw and Saba Capital, sold much of their stock after the Trump deal came to light. Another prominent investor, Iceberg Research, announced that it was betting against the stock.

Even so, Digital World’s shares remain about seven times higher than before the Trump deal. On paper, at least, the company is worth more than $2 billion.

On Tuesday, as he was boarding a plane, Mr. Orlando wouldn’t say much about how the deal came together. “It’s been wild,” he said.

Kenneth P. Vogel, Michael Schwirtz and Shane Goldmacher contributed reporting. Susan C. Beachy contributed research.

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