Carlos Slim, world's richest man, loses $8 billion in stock slide
The Mexican billionaire lost an estimated $8 billion as his stock holdings took a beating during the worldwide market downturn, according to Bloomberg News.
Slim’s holdings dropped 11% from July 29 to the markets’ close on Thursday, Bloomberg reported.
He shouldn’t be too concerned. Slim’s holdings are still valued at about $63 billion, according to the report.
Slim operates telecommunications companies Telmex and América Móvil and has extensive holdings in other business interests around the world.
More from Bloomberg:
Slim, 71, has taken a hit as Mexico’s benchmark IPC index dropped 7.4% and the peso slid 2.5% 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 Slim’s companies from the IPC index has made matters worse for the billionaire.
“He’s 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. It’s part of being in the market.”
America Movil SAB, the biggest wireless carrier in the Americas and Slim’s largest asset, has declined a relatively benign 6.9% this week. Its Telefonos de Mexico SAB unit has been Slim’s only gainer in Mexico, rising 11% on the parent company’s offer to buy out minority shareholders.
-- Stuart Pfeifer
Photo: Carlos Slim. Credit: Yuri Cortez / AFP/Getty Images