Carlos Slim is cashing in on his New York Times investment this year as the newspaper publisher’s stock surged despite President Donald Trump’s claims that it’s “failing.”
Shares of the company more than doubled since Mr Trump’s November 2016 election, which has been a boon for the Mexican billionaire. Mr Slim bailed out the Times with a $250 million loan in the wake of the financial crisis, when it actually was in danger of failing.
Mr Slim, the world’s seventh-richest man, initially invested $127m for a 6 pe cent stake in the Times in 2008 and then loaned it $250m as the shares approached a 26-year low in early 2009. That deal gave him warrants that he exercised in 2015, buying 7.95 million shares for a deeply discounted $6.36 apiece.
After the election, Slim dined with Trump at the president’s Mar-a-Lago resort. Neither disclosed what they discussed, but Trump, whose fortune is about 1/20th the size of Slim’s, said at the time that he had “a lovely dinner with a wonderful man.” Mr Slim is worth $57.8 billion, according to the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people.