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Carlos Slim loses $16.5 billion

By Attracta Mooney

The world’s richest man, Carlos Slim, has reportedly seen his fortune drop by $16.5 billion (€13.5 billion) during the last three months, as tough economic conditions take their toll on the wealthy.

Mexican business website Sentidocomun said the telecoms tycoon was worth about US$62 billion, at the end of September, down from US$78 in June, the Financial Times reported.

He has been hit by weaker international investor sentiment, which caused the Mexican stock market to fall more than 8% during quarter three. The value of the country’s peso also dropped 16% during the three-month period.

Although the share price of his telecoms company, América Móvil, only decreased by 3%, others were harder hit, including Slim’s banking arm, Grupo Inbursa, where the share price fell by 22% during the third quarter. His industrial and retail holding division, Grupo Carso, also saw its share price drop by 17%.

However, despite the hit to his finances, the Mexican billionaire hasn’t stopped expanding his business interests - he increased his stake in the New York Times Company in August.  

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