Mexican billionaire and world’s richest man Carlos Slim Helú has reportedly just spent $8.8 million to increase is stake in department store retailer Saks Inc. and the media giant New York Times Co.
It appears that the man believed to be worth about $74 billion is continuing his plan of acquiring big name shares during a down economy.
The businessman is the chairman and chief executive of telecommunications companies Telmex and America Movil. His primary source of his wealth come from his Mexican companies. Looking to add to that wealth, he made himself Saks Inc.’s largest shareholder in April of 2009 at 15.7 percent. Earlier this month, he increased that to 16 percent. He is also operates two Saks stores in Mexico with
Slim Helú, who has stated that he has no interesting in taking any kind of control of New York Times Co., increased his shares from 6.9 percent to 7.2 percent.