America Movil's Carlos Slim Reclaims World's Richest Man Title from Bill Gates Dolia Estevez - Forbes
go to original July 16, 2014

Microsoft Chairman Bill Gates, left, and Mexican telecoms tycoon Carlos Slim. in Texcoco, Mexico. (AP/Christian Palma)

Carlos Slim Helú is once again the world’s richest person, thanks in large part to a sharp increase in telecom giant América Móvil’s share price both in U.S. and Mexican markets. Slim bumped Microsoft cofounder Bill Gates from his perch as the world’s richest, a post Gates has held since May 2013.

The move happened on Tuesday when the value of Slim’s phone company América Móvil, his largest holding, rose 1% or $805.6 million, pushing his net worth to Forbes estimate of $79.6 billion, against Gates’s estimated $79.1 billion net worth.

América Móvil’s stock has been rising since the company  announced plans last week to divest some assets to comply with Mexico’s new antitrust telecom regulations. América Móvil’s shares were sharply higher last Wednesday, 24 hours after the news of the breakup. The company’s shares, which have languished the past year as a result of regulatory pressures in Mexico, jumped 10% on the NYSE the day following the breakup announcement.

Between July 1 and July 11, Slim’s wealth jumped from $74.5 billion to $79.6, a gain of $5.1 billion in 12 business days, an indication that investors are applauding Slim’s unexpected decision to reduce his phone market share below 50% as a new antitrust telecom law mandate comes into play. Investors seem to believe the outcome may actually be better for Slim’s business interests.

Read the rest at Forbes

We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!