It’s been a rough couple of months for Carlos Slim Helu, the world’s richest man.
His net worth has apparently toppled by nearly $11 billion since March, leaving him with just $63 billion in the bank, according to Forbes.
But not to worry — he still retains the title of “world’s richest man,” though by a much slimmer margin. Bill Gates, whose estimated net worth is $60 billion, is closing in fast.
What’s going on with Slim?
America Movil, the wireless company he chairs, is to blame. According to Forbes, the company has taken a few big hits, including a recent $1 billion fine from Mexico’s antitrust watchdog and a regulatory decision to lower “mobile termination rates” on inter-carrier calls.
The company, which has operations in 18 countries but relies most heavily on its Mexican wireless business, has seen the price of its New York Stock Exchange-listed ADRs tumble 17% since February 14, the day Forbes used to measure net worths for the 2011 billionaires list. The IPCC Mexican stock index has fallen 6.8% in the same period, while the Mexican peso has weakened nearly 10%.
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