A crash at major stock markets of the world has re-occurred, which resulted in loosing billions by the investors within weeks including the Mexican telecom tycoon Carlos Slim who lost approximately $6.7 billion in a single week. Hit the jump to read the rest of the of the story.
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The world would remember well when in 2007-08 the stock markets around the world crashed and many people lost their savings and a sizeable number of them lost even their homes. This time, a crash at major stock markets of the world has re-occurred, which resulted in loosing billions by the investors within weeks including the Mexican telecom tycoon Carlos Slim who lost approximately $6.7 billion in a single week. Since late July this year, his overall portfolio took a hit of close to 9.5% which had previously grown by close to 20% the previous year.
Carlos Helu Slim is majorly known as the Mexican telecom tycoon who owns America Movil, which controls 70% of the total share of the Mexican mobile market, has lost a lot as Mexican standard rating index IPC saw the company’s value fallen by 6.4% overall. Also, since the Mexican Peso fell by 2.3% against the American Dollar, it resulted in the Mexican tycoon losing a lot from his economic value. His other flagship companies include Inbursa (financial services) which fell by 8.2% in value, Inmuebles Carso (real estate) which took an 11% cut in its value, and the Grupo Carso (Construction) which fell by close to 14%, playing a role in the overall decrement of his stock value. Along with Carlos Helu Slim, fellow billionaires Bill Gates (Microsoft) took a 5% hit, whereas Warren Buffet (Berkshire Hathway) took a 4.3% cut in their overall net worth amongst many others who have lost in various degrees.
BR