Carlos Slim loses $5.1 billion on Donald Trump win

Carlos Slim, who is the fifth-richest in the world, shed 9.2% of his fortune after the peso lost as much as 12% on the news of Donald Trump being elected as president


10 Mexican billionaires, including Carlos Slim, dropped a combined $6.5 billion in early trading after Donald Trump’s election as president of the US. Photo: Bloomberg
10 Mexican billionaires, including Carlos Slim, dropped a combined $6.5 billion in early trading after Donald Trump’s election as president of the US. Photo: Bloomberg

Hong Kong/ Princeton: Mexico’s wealthiest person lost $5.1 billion in the wake of Donald Trump’s stunning upset over Democratic rival Hillary Clinton. Carlos Slim, who is the fifth-richest in the world, shed 9.2% of his fortune after the peso lost as much as 12% on the news.

Slim led declines of $41 billion on the Bloomberg Billionaires Index at the start of US trading on Wednesday. The Standard & Poor’s (S&P) 500 Index was down 1.1% at 10am in New York. Stock markets across the globe wavered on news that the New York real estate mogul would become the 45th US president.

The index decline almost reversed the $57 billion increase the world’s richest saw earlier in the week when markets rose on expectations that Clinton would prevail.

The 10 Mexican billionaires on the index dropped a combined $6.5 billion in early trading. Eva Gonda Rivera, Mexico’s fourth-richest person, followed Slim with a $487 million loss while Lorenzo Servitje Sendra, the fifth-richest, shed $397 million.

US billionaires, who account for one-third of the Bloomberg wealth ranking, had the biggest dollar loss, falling $9.3 billion. The combined net worth of the billionaires on the index fell 0.9% to $4.4 trillion at the start of trading in New York. Bloomberg

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