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World’s Richest Slim Adds $2.4 Billion With Movil at High

America Movil SAB represents about 63 percent of Mexican billionaire Carlos Slim's fortune. Photographer: Jin Lee/Bloomberg
America Movil SAB represents about 63 percent of Mexican billionaire Carlos Slim's fortune. Photographer: Jin Lee/Bloomberg

May 7 (Bloomberg) -- Billionaire Carlos Slim extended his lead as the world’s richest man by $2.4 billion today as his wireless carrier America Movil SAB rose to a record.

The shares advanced 4.9 percent to 18.66 pesos in Mexico City, the highest closing price since America Movil’s 2001 spinoff from Telefonos de Mexico SAB, as the company overcame a regulatory hurdle and showed improved profits in Brazil. That boosted the net worth of Slim, who owns a 30 percent stake in America Movil, to $76.2 billion, according to the Bloomberg Billionaires Index. His fortune is up 23.8 percent year-to-date.

A settlement last week with Mexico’s antitrust regulator is creating optimism that America Movil can grow in its biggest market, said Kevin Smithen, an analyst at Macquarie Capital USA Inc. in New York. America Movil agreed to cut fees charged to competitors as the government dropped a fine of almost $1 billion assessed last year for anticompetitive practices.

“Now you’ve got a relatively stable economy with improving fundamentals and a more benign regulatory environment,” said Smithen, who advises buying the shares. “We think there’s still room to go on a big run.”

To contact the reporter on this story: Crayton Harrison in Mexico City at tharrison5@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net

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