Jair Bolsonaro is supporting his son in the upcoming presidential elections in Brazil. Message sent from prison

Former Brazilian President Jair Bolsonaro has said he intends to support his eldest son, Senator Flavio Bolsonaro, as a candidate in the 2026 elections, Bolsonaro's party announced, Reuters reports.

Valdemar Costa Neto, the leader of the former president's right-wing Liberal Party, said the senator told him that the former president “ratified his candidacy.”

CNN Brazil reported, citing political sources, that the former president offered his support for his eldest son during a visit that Flavio Bolsonaro made to his father, in prison where he is serving his sentence for plotting a coup.

The news of Bolsonaro's plans affected the country's financial markets, with the national currency devaluing by 2% against the US dollar and the Bovespa stock index falling by 3%.

Some investors anticipated that Bolsonaro would back a pro-private person with executive experience, such as Sao Paulo Governor Tarcisio de Freitas, to run against incumbent President Luiz Inacio Lula da Silva.

“Markets see Flavio as a weaker candidate than Tarcisio in a contest against Lula,” said Empiricu Research analyst Lais Costa.

Jair Bolsonaro was barred from running for public office in June 2023 when Brazil's electoral court convicted the right-wing leader of his conduct during the 2022 election.

In September, Brazil's former president was sentenced to 27 years and 3 months in prison for organizing a coup after losing the presidential election to Lula.

Senator Flavio Bolsonaro said on Friday that his father had designated him as his political successor, in the context of the next presidential elections scheduled for October 2026, AFP informs.

“I confirm with great responsibility the decision of the greatest political and moral leader of Brazil, Jair Bolsonaro, to entrust me with the mission of continuing our project for the Nation”, wrote the eldest son of the former far-right leader, on the X social network.