Carlos Slim, the worlds richest man, lost about $6.7 billion this week.
The Mexican billionaires stock portfolio, measured in U.S. dollars, has dropped about 9.5 percent since July 29 and is valued at about $64.4 billion, according to data compiled by Bloomberg. That compares with a 7.2 percent slide in the Standard & Poors 500 Index.
Slim, 71, has taken a hit as Mexicos benchmark IPC index dropped 6.4 percent and the peso slid 2.3 percent against the dollar on concerns that the flagging U.S. economy will hurt demand for assets in its southern neighbor. The removal of three of Slims companies from the IPC index has made matters worse for the billionaire.
Hes been particularly hurt by those companies leaving the IPC, said Leon Cabrera, a trader at Mexico City-based Vanguardia Casa de Bolsa. It reflects the nervousness out there. Its part of being in the market.
America Movil SAB, the biggest wireless carrier in the Americas and Slims largest asset, has declined a relatively benign 6 percent this week. Its Telefonos de Mexico SAB unit has been Slims only gainer in Mexico, rising 11 percent on the parent companys offer to buy out minority shareholders.
The Standard & Poors index extended its decline Friday, falling 0.1 percent at close. The IPC rose 1.1 percent, and America Movil gained 1.1 percent.
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5 Responses
Nebech. Can we start a tzedakah fund for him?
The less one has, the less he has to lose. I would never lose $8,000,000,000, not even $8,000,000. The more you own the more worries you have.
Actually I don’t think he is worried at all. Stock markets go up and down, he will just wait it out.
Despite his losses, I would gladly swap bank accounts with him.
Unlike Gates and Buffett, Mr. Slim gives almost nothing to charity. He has amassed a fortune yet remains stingy. I wont be shedding any tears for him.