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Mexico’s Carlos Slim Owns Huge Stake in The New York Times

12 September, 2012

Perhaps the richest man you’ve never heard of,Carlos Slim,who beat Bill Gates to become the first non-American in 16 years to become the “Richest Man in the World”,is now the New York Time’s largest single independent shareholder. The terms of his agreements allow him to buy up to 18% more of the New York Time’s common stock.

The Mexican billionaire has amassed a $53.5 billion fortune and a sprawling empire of more than 200 companies which include retail stores,airlines,banks,restaurants,mining,printing,construction,and principally telecoms. 

He also owns a 20% stake in Sak’s Fifth Avenue and most recently purchased the fabled 5th avenue Duke mansion for $44 million. The 12-bedroom,six story townhouse,owned by American tobacco family titans for 103 years,sits across from Metropolitan Museum of Art and is the only private family residence available on fifth avenue.

Slim was duking it out with a wealthy Russian buyer over the property,who offered $37 million for the landmark property. Slim countered with $44 million in cash on the spot for the property and the Russian never really had a chance,not realizing he was competing with the World’s Richest Man.

It is widely reported that Slim is planning on living part-time in New York City,expanding his holdings in the New York Times and is said to be high in the running to purchase Newsweek Magazine. Carlos still owns the largest telecom conglomerate in Mexico and Latin America and also IDEAL Construction,which recently announced it was putting in its bid to build Mexico’s next major International Airport in the Riviera Maya town of Tulum,an emerging real estate market and tourist hot spot.

A Slim spokesperson said,“We are very happy with our New York City investments”.