Carlos Slim

Carlos Slim Helú
Slim in 2018
Carlos Slim Helú
Born	28 1, 1940
Birthplace	Mexico City, Mexico
Nationality	Mexican
Occupation	Business magnate, investor, philanthropist
Known for	Chairman and CEO of Telmex, América Móvil, and Grupo Carso
Education	National Autonomous University of Mexico (BS)
Children	6
Website	[[carlosslim.com carlosslim.com] Official site]

Carlos Slim Helú (born 28 January 1940) is a Mexican business magnate, investor, and philanthropist whose vast corporate empire spans telecommunications, industrial manufacturing, retail, real estate, energy, media, financial services, and numerous other sectors of the Mexican and Latin American economies. From 2010 to 2013, Forbes magazine ranked him as the richest person in the world, and he has remained among the wealthiest individuals globally in the years since. The core of Slim's fortune derives from his telecommunications holdings, principally América Móvil, the largest mobile telecommunications firm in Latin America, and Telmex, the formerly state-owned Mexican telephone company he acquired during a wave of privatizations in the early 1990s. Through his conglomerate Grupo Carso, Slim controls companies across an extraordinary range of industries — from mining and energy to health care, education, entertainment, sports, and technology — accounting for a substantial share of the listings on the Mexican Stock Exchange. Born in Mexico City to Lebanese immigrant parents, Slim built his business empire through a strategy of acquiring undervalued companies during periods of economic crisis and restructuring them for long-term profitability. His investments have extended well beyond Mexico, encompassing stakes in companies across Latin America, the United States, and Europe, including a significant shareholding in The New York Times Company.

Early Life

Carlos Slim Helú was born on 28 January 1940 in Mexico City, Mexico. He was one of six children born to Julián Slim Haddad and Linda Helú Atta, both of whom were of Lebanese Maronite Christian descent. His father, Julián Slim Haddad (originally named Khalil Slim Haddad), emigrated from Lebanon to Mexico in 1902 at the age of fourteen, seeking to avoid conscription into the Ottoman army. Julián established himself as a merchant in Mexico City and eventually became a successful businessman, founding a dry goods store called La Estrella de Oriente (The Star of the Orient) and later investing in real estate in the city's historic center.

Slim's father played a formative role in his early business education. Julián Slim taught his children the fundamentals of finance and business management from a young age. Carlos reportedly received his first bank account when he was a child and began tracking his personal finances meticulously, keeping detailed notebooks of his income and expenditures. His father's approach to business — particularly the strategy of purchasing real estate and commercial properties during periods of economic downturn when prices were depressed — would later become a hallmark of Carlos Slim's own investment philosophy.

Julián Slim Haddad died in 1953, when Carlos was thirteen years old. Despite this loss, the family remained financially secure due to the elder Slim's prudent investments. Carlos and his siblings inherited a portfolio of properties and businesses that provided a foundation for future ventures. The experience of losing his father at a young age and the lessons Julián had imparted about financial discipline and opportunistic investing during downturns shaped Slim's approach to business throughout his career.

His cousin, Alfredo Harp Helú, also went on to become a prominent Mexican businessman and financier, illustrating the entrepreneurial culture within the extended family.

Education

Slim attended the National Autonomous University of Mexico (Universidad Nacional Autónoma de México, or UNAM), where he earned a bachelor's degree in civil engineering. While still a university student, he began teaching algebra and linear programming at UNAM, demonstrating an early aptitude for mathematics and analytical thinking that would later underpin his business career. His engineering education provided him with a quantitative and methodical approach to evaluating businesses and investments, skills he applied extensively in the decades that followed.

Career

Early Business Career and Grupo Carso

After completing his education, Slim began his career by establishing several businesses and investing in a variety of industries during the 1960s. He founded his first companies in the areas of construction, mining, and retail, gradually building a diversified portfolio. His investment strategy, influenced by his father's example, centered on identifying undervalued assets and companies with strong underlying fundamentals but depressed market prices, often during periods of economic instability in Mexico.

Throughout the 1970s and 1980s, Slim continued to expand his holdings, acquiring companies across diverse sectors. He proved adept at purchasing distressed businesses during Mexico's severe economic crises — particularly the 1982 debt crisis, which caused the peso to collapse and drove many Mexican companies to the brink of bankruptcy. While other investors fled, Slim bought aggressively, acquiring stakes in companies at steep discounts. This contrarian approach, often compared to the investment philosophy of Warren Buffett, became the foundation of his growing conglomerate.

He consolidated his diverse business interests under the umbrella of Grupo Carso, a conglomerate whose name is a portmanteau derived from the first syllables of "Carlos" and "Soumaya," his wife's name. Grupo Carso grew to encompass industrial manufacturing, retail, construction, mining, and other sectors, becoming one of the largest and most influential corporate groups in Mexico. The conglomerate's holdings eventually included Sanborns (a major Mexican department store and restaurant chain), Condumex (an industrial manufacturer), and numerous other companies.

Acquisition of Telmex and Telecommunications Dominance

The most transformative deal of Slim's career came in 1990, when the Mexican government of President Carlos Salinas de Gortari privatized Teléfonos de México (Telmex), the state-owned national telephone company. Slim, leading a consortium that included Southwestern Bell Corporation (later SBC Communications) and France Télécom, won the bidding process and acquired a controlling stake in Telmex. The acquisition gave Slim control of Mexico's telecommunications infrastructure at a time when demand for telephone and, later, internet services was poised for explosive growth.

Under Slim's leadership, Telmex underwent a significant modernization and expansion program. The company invested heavily in upgrading Mexico's telephone network, increasing the number of telephone lines and improving service quality. However, the privatization and Telmex's subsequent dominance became subjects of controversy. Critics argued that Telmex maintained a virtual monopoly over Mexico's fixed-line telephone market for many years after privatization, and that the company's pricing was among the highest in the Organisation for Economic Co-operation and Development (OECD) member countries. The Mexican government and regulators faced persistent criticism for failing to foster sufficient competition in the telecommunications sector.

From Telmex, Slim expanded aggressively into mobile telecommunications. He established Telcel, which became the dominant mobile carrier in Mexico, and later formed América Móvil, which grew into the largest mobile telecommunications company in Latin America, with operations in dozens of countries across the region. América Móvil's growth was fueled by acquisitions and organic expansion, and the company came to serve hundreds of millions of subscribers across the Americas. The telecommunications sector became the primary source of Slim's wealth, vastly exceeding the contributions of his other business interests.

International Investments and Diversification

Slim extended his investment activities well beyond Mexico's borders. His companies acquired stakes in telecommunications operators across Latin America, and he made notable investments in the United States and Europe.

One of his most prominent international investments was his acquisition of a significant stake in The New York Times Company. As of 2016, Slim was the largest single shareholder of non-voting shares of the newspaper's parent company. In 2017, he sold approximately half of his shares, but the investment highlighted his interest in the media sector and his willingness to invest in established but financially challenged enterprises.

In the energy sector, Slim positioned himself to benefit from reforms in Mexico's petroleum industry. As the Mexican government moved to end the monopoly of Pemex (Petróleos Mexicanos) and open the energy sector to private and foreign investment, Slim's companies made strategic moves into the oil and gas industry. Reports indicated that Pemex hired a drilling rig from one of Slim's companies in a deal valued at approximately $415 million, demonstrating the conglomerate's entry into the energy services market.

In Argentina, Slim acquired an 8.4 percent stake in YPF, the Argentine oil company, further expanding his energy sector presence in Latin America.

In Europe, Slim invested in Spanish real estate and took over struggling Spanish companies during a period of economic downturn, acquiring assets at discounted prices — a strategy consistent with his long-standing approach of buying during crises.

Slim also demonstrated interest in the financial technology sector, backing a startup that developed a system for ranking Wall Street hedge funds, reflecting an investment appetite that extended to emerging technology companies.

Sports Investments

Slim's business interests extended into the sports sector as well. In 2012 and 2013, reports indicated that Slim purchased stakes in Mexican professional soccer teams, a move that placed him in direct competition with major Mexican television networks for influence over the country's most popular sport.

Additionally, Slim's Telmex brand became involved in motorsport sponsorship. The telecommunications company served as a sponsor for the Sauber Formula One team beginning in 2011, linked to the career of Mexican racing driver Sergio Pérez.

Scale of Economic Influence in Mexico

The breadth of Slim's corporate holdings has led observers to note the difficulty of conducting daily commercial life in Mexico without interacting with one of his companies. His businesses span an extraordinary range of sectors: telecommunications, banking, insurance, construction, mining, retail, restaurants, tobacco, paper, and more. Reports have indicated that Slim accounts for approximately 40 percent of the listings on the Mexican Stock Exchange, a figure that underscores the scale of his economic influence within the country.

This level of market concentration has generated debate about competition, monopoly, and economic power in Mexico. Reforms enacted in 2013 and 2014 sought to increase competition in the telecommunications sector, and regulatory authorities have taken steps to challenge what they deemed anti-competitive practices by Slim's companies. Despite these regulatory challenges, Slim's corporate empire has remained one of the dominant forces in the Mexican economy.

Personal Life

Carlos Slim married Soumaya Domit Gemayel in 1967. Soumaya, like Slim, was of Lebanese descent. The couple had six children together, including Carlos Slim Domit, who has taken on prominent roles within the family's business empire. Soumaya Slim died in 1999, and in her memory, Slim established the Museo Soumaya in Mexico City, a museum housing his extensive collection of art and cultural artifacts. The museum, which is free to the public, holds works by European masters and a significant collection of sculptures by Auguste Rodin, among other holdings.

Slim's son-in-law, Arturo Elías Ayub, has also played a significant role in the family's business operations, particularly in the telecommunications sector. The Slim family's business interests have remained largely family-controlled, with Slim's children occupying senior positions across the conglomerate's various companies.

In a 2010 interview on CNN's Larry King Live, Slim discussed his views on wealth, philanthropy, and business, presenting his philosophy that the creation of jobs and economic activity through business investment constitutes a more effective form of social contribution than traditional charitable giving alone.

Philanthropy

Slim has channeled substantial resources into philanthropic activities through the Carlos Slim Foundation and other entities. His philanthropic efforts have focused on education, health care, urban development, and cultural preservation.

One of Slim's most visible philanthropic projects has been the restoration and revitalization of Mexico City's historic center. Through the Fundación Centro Histórico de la Ciudad de México, Slim financed the renovation of buildings, streets, and public spaces in the colonial-era downtown area, seeking to transform a deteriorated district into a vibrant cultural and commercial zone. The foundation's work included the restoration of historic buildings, the improvement of infrastructure, and efforts to attract businesses and residents back to the area.

Another significant project was the construction of the Plaza Mariana near the Basilica of Our Lady of Guadalupe in Mexico City. The plaza, inaugurated with considerable public attention, was developed to accommodate the millions of pilgrims who visit the basilica each year, one of the most visited Catholic shrines in the world.

Slim has also funded educational initiatives and health programs in Mexico and across Latin America, though his approach to philanthropy has drawn both praise and criticism. Some commentators have contrasted his philanthropic model — which emphasizes investment in productive enterprises and job creation rather than direct charitable donations — with the approaches of other prominent billionaire philanthropists.

Recognition

From 2010 to 2013, Forbes magazine ranked Carlos Slim as the richest person in the world, a distinction that brought him global recognition and media attention. During this period, his estimated wealth surpassed that of Bill Gates, Warren Buffett, and other long-standing occupants of the top positions on global wealth lists. Even after falling from the top position, Slim has consistently ranked among the twenty wealthiest individuals in the world.

His business acumen and investment strategy have been the subject of extensive analysis in business publications and academic studies. Wired magazine profiled him in depth, examining his role in shaping Mexico's telecommunications industry and his broader business philosophy. Fast Company and other publications have analyzed his approach to value creation, noting his consistent pattern of acquiring undervalued assets and restructuring them for long-term growth.

His influence extends beyond the business world. The Museo Soumaya, which he established in honor of his late wife, has become one of Mexico City's most visited cultural institutions. His investments in the restoration of Mexico City's historic center have been credited with contributing to the urban regeneration of the area.

Legacy

Carlos Slim's legacy is defined by the construction of one of the largest and most diversified business empires in the Western Hemisphere. Through Grupo Carso, Telmex, América Móvil, and dozens of subsidiary companies, he transformed Mexico's telecommunications landscape and built a conglomerate whose reach extends across virtually every major sector of the Mexican economy.

His acquisition of Telmex during Mexico's privatization era remains one of the most consequential business transactions in Latin American economic history. The deal not only generated enormous personal wealth but also shaped the development of telecommunications infrastructure in Mexico and, through América Móvil, across much of Latin America. The debate over the competitive effects of Telmex's market dominance — and the broader questions it raised about privatization, regulation, and economic concentration — has influenced policy discussions in Mexico and other developing economies.

Slim's investment philosophy, characterized by contrarian purchasing during economic downturns and long-term holding strategies, has been studied and compared to the approaches of other prominent value investors. His ability to identify and acquire undervalued assets across a wide range of industries, and to restructure those assets for sustained profitability, set him apart as a figure of significance in global business history.

His philanthropic contributions — including the Museo Soumaya, the restoration of Mexico City's historic center, and the Plaza Mariana project — represent a cultural and urban legacy that extends beyond his corporate achievements. Whether viewed as a symbol of entrepreneurial success or as a focal point for debates about economic inequality and market concentration in Mexico, Carlos Slim remains one of the most consequential business figures of the late twentieth and early twenty-first centuries.