Mexico’s richest man and world’s fourth richest man Carlos Slim with a net worth of $50.1 billion lost $4.7 billion (around Rs 31,300 crore) as Mexican Peso fell by 12% with Donald Trump winning the US Presidential elections defeating Hillary Clinton. Slim was the biggest loser among the world’s richest.
Shares of America Movil, the telecommunications company in which Slim holds a stake of 62%, are down 9% in the USA and almost 4% in Mexico. The drop is said to be due to a mix of peso (Mexican currency) weakness and to investors who were cashing out of the company assuming that the stock will fall further.
Trump’s surprising triumph put pressure on the Mexican peso. At about midnight Tuesday, when Trump’s chances of winning the election hovered around 80%, the peso had weakened 13%, to almost 21 pesos per U.S. dollar. The peso recovered slightly on Wednesday, and is worth about 19.8 pesos per US dollar.
The top 10 Mexican billionaires lost a collective $6.5 billion and the richest people in the world lost a collective $41 billion when global markets spammed after Donald Trump won the US presidential election.