Carlos Slim Helú is once again the world’s richest person, thanks in large part to a sharp increase in telecom giant América Móvil’s share price both in U.S. and Mexican markets. Slim bumped Microsoft (NYSE:MSFT) cofounder Bill Gates from his perch as the world’s richest, a post Gates has held since May 2013.

The move happened when the value of Slim’s phone company América Móvil’s (NYSE:AMX), 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.

Currently, Slim’s América Móvil controls 70% of the mobile phone market in Mexico, and 80% of landlines.

Slim fell from the top of the Forbes World’s Billionaire list in May 2013 largely due to a sharp drop in América Móvil’s stock, fueled by fears that Mexico’s new antitrust regulations would crumble his telecom empire.

For the 2014 World’s Billionaires List, Gates took the top spot with a net worth of $76 billion, while Slim came in at second richest with a net worth estimated at $72 billion.

Source: https://www.facebook.com/consultainment/posts/611373885644091

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