Carlos Slim Perilously Close to Losing Title of World's Richest as Fortune Tumbles Erin Carlyle - Forbes
go to original March 16, 2013

After four years as the world’s richest man, Carlos Slim is dangerously close to losing his spot at the top of the Billionaires List. If that happens, Bill Gates could once again become the world’s richest person.

The culprit: an amendment to the Mexican constitution that could wreak havoc on Slim’s telecom empire, which took a step towards passage on Thursday in Mexico. The news in Mexico pushed ADR shares of his telecom outfit America Movil, his biggest holding by far, down 3.7% on the NYSE and knocked $1.2 billion from his net worth in one day. Yesterday was even worse: the stock tumbled 8%, wiping out $2.5 billion from his total.

America Movil has been sliding all year. Since January, shares have fallen more than 20%. The stock is down 15% from February 14, when we locked in net worths for the Forbes Billionaires list.

In dollar figures, that means the value of Slim’s stake in America Movil is now worth just under $31 billion, down from just over $36 billion at the time of our 2013 Billionaires list and down from $39 billion at the start of the year.

Read the whole story at Forbes

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