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Latino Daily News

Sunday August 7, 2011

Tumultuous Stock Market Leaves Mexican Billionaire Carlos Slim $8 Billion Poorer This Week

Tumultuous Stock Market Leaves Mexican Billionaire Carlos Slim $8 Billion Poorer This Week

Photo: Carlos Slim Loses $8Billion this Week

Click Here to Enlarge Photo

It appears everyone is affected by a tumultuous stock market including the super rich, like Mexican billionaire Carlos Slim Helu. 

This week the U.S. stock market dropped to the lowest levels since 2008 and other markets also saw declines.  Mexico’s market benchmark the IPC index dropped 6.4% and wiped out $8 billion in value in four days to Slim’s stock portfolio. 

Bloomberg pegged the value of his stock portfolio at $64.4 billion after losing 9.5% of its value thanks to this weeks market declines all over the world.

Tomorrow’s morning U.S. markets are expected to open down since news of the U.S. credit downgrade is already negatively impacting international markets trading on Sunday.