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Bill Gates Falls To Second Richest Earthling

Bill Gates is no longer the richest person on the planet. Carlos Slim, a 67-year old Mexican businessman who is basking in the success of his América Móvil stock, has overtaken Gates with a net worth of $67.8 billion, compared to Gates’ estimated $59.2 billion. Gates has been top dog for almost every day of the last 12 years, but with Microsoft stock currently at a lower value than it was at its height in late 1999, it was only natural that someone would eventually take the crown.

América Móvil has a market cap of $116 billion, less than half of Microsoft’s. However, Slim has control of it as well as Teléfonos de México and Telcel, giving him multiple means of earning the kind of coin it takes to be the richest on this big ball of dirt. He was once MCI’s largest shareholder, but sold to Verizon last year. América Móvil is Latin America’s dominant wireless carrier, with 100 million subscribers and a lot of potential customers to grow from.

On March 28, 2003, América Móvil stock was just under $4.50. Today it is worth $65.92, an increase of 1321.73%. The last year alone has seen a 98.2% increase, the last four months a 52.66% increase. It is a spectacular stock. Of course, if the company’s fortunes fall before Slim sells enough shares (something he’ll be reluctant to do with his earnings), he will be far less richer, and lose the chance to stay atop Gates. Keep in mind, Gates used to be worth a lot more, too.

Plus, Gates has been working for years to give away his entire fortune to charity, so it’s not like he’s losing it. He’s using it, and for good things.

Gates did earn $3 billion this year on stock sales, about $50 million a week.

July 6th, 2007 Posted by Nathan Weinberg | Corporate, General | one comment

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1 Comment »

  1. Yeah. It’s too bad. Slim is a bad man. Hopefully Gates can earn his spot back.

    Comment by Michael | July 6, 2007

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