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Bill Gates no longer richest man

Postby Omaha Red Sox » Fri Jul 06, 2007 2:11 pm

Mexican tycoon passes Bill Gates as planet's richest person
Wed Jul 4, 5:13 AM ET

MEXICO CITY (AFP) - Mexican telecom tycoon Carlos Slim Helu has overtaken Microsoft founder Bill Gates as the richest person on the planet, the Mexican financial website Sentido Comun reported.

Sentido Comun said the Mexican billionaire's wealth had rocketed past Gates following the red-hot performance of his telecommunications firm, America Movil.

US-based Forbes magazine, renowned for its rankings of the world's wealthiest individuals, updated its listings in April to rank Slim as the second richest individual in the world, as he bested the legendary US investor Warren Buffett.

The Mexican financial website said Slim's lead over Gates amounted to billions of dollars.

"Thanks to a 26.5-percent rise in the shares of America Movil during the second quarter, Slim, who controls a 33-percent interest in Latin America's largest mobile phone company, is substantially richer than Gates," Sentido Comun said.

"The difference between their two fortunes is around nine billion dollars in favor of Slim," the financial website claimed.

It said it had based its calculations largely on the share price movements of companies controlled by Slim.

The website said soaring performances from Slim's other business interests had also helped propel him past Gates.

Aside from America Movil, Slim controls the INBURSA financial group and the Grupo Carso industrial firm with interests spanning retail stores, coffee shops and restaurants.

One reason for Slim's meteoric rise might be because he is also still working.

Gates stepped aside as Microsoft chief in 2000 to devote his energies to the philanthropic foundation he runs with his wife, Melinda.

Forbes in April had pegged Slim's wealth at a staggering 53.1 billion dollars, and said Gates was sitting on a 56-billion-dollar fortune.

Slim, the son of Lebanese immigrants, has had business in his blood from his early days when he helped out in his father's shop, "The Star of the Orient."

The 67-year-old started out in real estate and was already affluent enough when he graduated from university with an engineering degree to buy stakes in a stock brokerage and a bottling firm.

During the crippling Latin American economic crisis of the early 1980s, Slim snapped up and reformed a number of distressed businesses, banking massive profits for Grupo Carso.

Carso gained its name from the first three letters of Slim's name and the first two of his late wife's, Soumaya Gemayel.

Analysts say one of Slim's smartest and most lucrative deals occurred when he took control of Telefonos de Mexico (Telemex) in 1990 as the then government moved to privatize the sprawling monopoly.

Slim oversaw a 1.8-billion-dollar investment to take over Telemex, but he then overhauled the company and expanded its service as the telecom firm became the star of the Mexican stock exchange and more than returned Slim's initial investment.

The Mexican billionaire has also made some savvy stock picks.

In 1997, he bought about three percent of Apple Computer at 17 dollars a share shortly before the company launched its hit iMac computer. Twelve months later, Apple's shares topped 100 dollars.

Despite his vast riches, Slim reportedly shuns corporate jets and flashy offices and sported a plastic watch during the 1990s.

Widowed in 1999, Slim has boosted his philanthropic presence and overseen his three sons' careers within his business empire.

Like Gates, he has developed a strong profile on the philanthropic front.

Earlier this month he allied himself with the foundation of former US president Bill Clinton and with Canadian mining magnate Frank Giustra to launch an anti-poverty campaign in Latin America.

Fifty-three percent of Mexico's population of 104 million live in poverty, which is defined as living on less than two dollars a day, World Bank data show.
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Re: Bill Gates no longer richest man

Postby The Artful Dodger » Fri Jul 06, 2007 2:28 pm

I read about Slim a month ago (either in a local paper or on USA Today) and his wealth is staggering given how he seems to have a vested interest in just about everything.

Personally, I'd rather make my fortune building a monopoly from the ground up on a lucrative market or two like Bill Gates than just investing in things left and right...or be an oil mafia crook like *ahem* Roman Abramovich.
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Re: Bill Gates no longer richest man

Postby Another Blown Save » Fri Jul 06, 2007 2:36 pm

Who would of thought that a Mexican would become the richest man

j/k :-D
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Re: Bill Gates no longer richest man

Postby Coppermine » Fri Jul 06, 2007 3:10 pm

Yeah, I heard about this guy on NPR a few months ago. It's particularly discouraging considering the income disparity in Mexico. Plus Gates gives away so much money you knew it would happen eventually. How much money has Slim donated so far??
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Re: Bill Gates no longer richest man

Postby roninmedia » Fri Jul 06, 2007 3:12 pm

Shock.

He's getting rich off American workers. All's fair, right? :-D
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Re: Bill Gates no longer richest man

Postby Snakes Gould » Fri Jul 06, 2007 3:45 pm

wow. great read. admittingly, ive never even heard of this guy, but i will agree id much rather own one monoply than investing in many different things.
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Re: Bill Gates no longer richest man

Postby Yoda » Fri Jul 06, 2007 4:12 pm

Doesn't help that Microsoft cost itself $1B in repairs for faulty Xboxes. Dumbasses.
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Re: Bill Gates no longer richest man

Postby Omaha Red Sox » Fri Jul 06, 2007 5:00 pm

Coppermine wrote:It's particularly discouraging considering the income disparity in Mexico.


That's immediately what I thought too. The country with millions of citizens hopping out border to find a better life, is also the home of the world's richest man. :-°
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Re: Bill Gates no longer richest man

Postby Field » Fri Jul 06, 2007 5:32 pm

Not sure if many of you remember it, but about 7 or so years back, there was talk about Gates being the first man to eclipse $1 Trillion. Obviously, Microsoft stock has been pretty flat over the past half decade and that prediction was pretty premature. I remember it pretty well, because I had bought some stock in MSFT a year earlier and my investment had nearly doubled. Soon thereafter the stock fell significantly after the anti-trust lawsuit. I don't think they have those type of lawsuits in Mexico :-° .

Someone will eventually be a Trillionaire, I wonder how much longer it will take?

My guess: 2018
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Re: Bill Gates no longer richest man

Postby The Artful Dodger » Fri Jul 06, 2007 5:47 pm

Field wrote:Not sure if many of you remember it, but about 7 or so years back, there was talk about Gates being the first man to eclipse $1 Trillion. Obviously, Microsoft stock has been pretty flat over the past half decade and that prediction was pretty premature. I remember it pretty well, because I had bought some stock in MSFT a year earlier and my investment had nearly doubled. Soon thereafter the stock fell significantly after the anti-trust lawsuit. I don't think they have those type of lawsuits in Mexico :-° .

Someone will eventually be a Trillionaire, I wonder how much longer it will take?

My guess: 2018


Interesting you bring that up. I have a buddy who was persuaded by one of his friends to take a senior finance job (think it was an executive director or (S)VP role) at Real Media in Seattle because of a huge payoff for him in the end...but he wouldn't articulate why. So, my friend wound up not taking the job because his wife hated the weather up there coupled with the fact that Real was lagging in the market thanks to Microsoft. Truth be told, Real won the lawsuit against Microsoft (had to do with Windows Media Player being pre-packaged with Windows, but not RealPlayer) and made a fortune. He's still kicking himself over that, but has lived with the idea he squandered a huge chance to become very wealthy quickly instead of just fairly wealthy.

I think some folks reckoned that Gates could've reached trillionaire status sometime in the future, but I think they said that back when he was worth $80-90 bn and it seemed that Microsoft would dominate all things computing until Google and the growing movement from OS to Internet computing arrived, coupled with the antitrust lawsuits. Still, back then it was a mountain to climb as it is now to be worth $1 trillion.
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