Sunday, August 7, 2011

World's richest man Carlos Slim lost nearly $7 BILLION in the last few days in global stocks meltdown - 6th Aug 2011

Carlos Slim, the world’s richest man, lost about $6.7 billion in the last week.

The Mexican billionaire’s 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 per cent slide in the Standard & Poor’s 500 Index.

Mr Slim, 71, has taken a hit as Mexico’s benchmark IPC index dropped 6.4 per cent and the peso slid 2.3 per cent against the dollar on concerns that the flagging U.S. economy will hurt demand for assets in its southern neighbour.

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 six per cent this week.

Its Telefonos de Mexico SAB unit has been Slim’s only gainer in Mexico, rising 11 per cent on the parent company’s offer to buy out minority shareholders. Read More