Mexico's Carlos Slim Reclaims World's Richest Man Title From Bill Gates

Carlos Slim Help 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
(NYSE:MSFT) 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's (NYSE:AMX), 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.

Currently, Slim's América Móvil controls 70% of the mobile phone
market in Mexico, and 80% of landlines.

Mexican President Enrique Peña Nieto signed the bill into law on
Monday in an event attended by Mexico's top telecom executives,
including Carlos Slim Domitt, Slims Helús oldest son and heir
apparent.

Slim fell from the top of the Forbes World's Billionaire list in May
2013 largely due to a sharp drop in América Móvil's stock, fueled by
fears that Mexico's new antitrust regulations would crumble his
telecom empire.

Yet it appears as though the threat has reenergized him. Slim is
planning to further expand his presence in Europe and Latin America.
In a filing with the Mexican Stock Exchange on Monday, América Móvil
said it will acquire an additional 23.47 % stake in Telekom Austria in
a buyout offer, lifting the telecom giant's interest in the company to
50.8%.

Source: http://www.forbes.com