A rise in the share price of pan-Latin American telecom giant America Movil has lifted Carlos Slim's net worth above that of Bill Gates for the first time since May 2013, Forbes estimates.
The move happened on Tuesday when the value of Slim’s phone company América Móvil’s , 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.
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.
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.
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