How Carlos Slim Helu Lost US $ 25 Billion?
Carlos Slim Helu is world’s third richest person. He is the third Billionaire in Forbes list of Billionaires after Bill Gates & Warren Buffet. Those who don’t know anything about Carlos, Let me tell you brief bio of Carlos Slim Helu.
Biography of Carlos Slim Helu -
Carlos Slim Helú (Spanish pronunciation: [ˈkarlos eˈslim eˈlu]), simply known as Carlos Slim (born January 28, 1940) is a Mexican engineer, businessman and philanthropist largely focused on the telecommunications industry. He s currently the third wealthiest person in the world with a net worth of around US$35 billion through his holdings. He was able to raise money for a telecommunications company by purchasing standby letters of credit which enabled him to obtain guaranteed loans which provided the capital.[1]
Slim has a substantial influence over the telecommunications industry in Mexico and much of Latin America. He controls Teléfonos de México (Telmex), Telcel and América Móvil companies. Though he maintains an active involvement in his companies, his three sons — Carlos, Marco Antonio and Patrick Slim Domit — head them on a day-to-day basis
How He lost $ 25 Billion? -
According to the Forbes Magazine, Carlos has lost $ 25 Billion in the year 2008. Many people think that he has suffered a great loss. But in reality, this is not true. This Loss is “On Paper” only. The loss of all the Billionaires are on paper only.
This loss is because of the hammering of his share prices in his own publically listed company due to the effect of recession. In reality he has not loss a single dollar. His telecomm business is as profitable today as it was before recession.
These are just the valuations of the share price which reflect on the stock exchanges. These are the On paper losses only.
All the Billionaires of world have lost literally billions of dollars last year but all of this loss is in the share price of their respective companies. In reality, all the Businesses are most profitable.
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