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Why do some business leaders in the Global South come to vocally support far-right movements while others do not? This article explores this question by examining divisions among Brazilian industry leaders over the right-wing government of Jair Bolsonaro from 2019 to 2022. Drawing on fieldwork and interviews with leaders in Brazil’s main industrial association, the Federation of Industries of the State of São Paulo (FIESP), this article argues that distinct relations to state actors and the emergence of novel mobilizational logics led FIESP leaders to either remain staunch supporters of Bolsonaro’s government or grow increasingly critical. Bolsonaro’s most ardent supporters, mainly from shrinking domestic manufacturing sectors, openly positioned themselves as supporting Bolsonaro and decried their sensed exclusion from policymaking under previous governments. These leaders were mobilized by the bolsonarista movement and its promises of profound political and economic change. In contrast, while initially supportive, many leaders from more competitive, internationalized sectors grew critical of Bolsonaro. These moderate leaders recognized their structural power over state actors, while prioritizing gradual reform and a stable political environment. In this way, different ties and degrees of structural power vis-à-vis state actors led to either a politics of moderation or militance. The article concludes by advancing some theoretical considerations on the distinct political rationalities tying capitalist leaders to states and how this can shape business’ relationships to emergent far-right movements.