Carlos Slim, the Billionaire who made his wealth out of corporate losses

Carlos Slim is one of the richest men in the world, previously named the richest man in the world and still the richest person in Latin America, who built his wealth from a privilege he received in the 1990s for the Mexican state telephone company, and his companies account for one fifth of Mexico's benchmark stock index and have major operations in Latin America and Europe

Slim was born in 1940 in Mexico City, Mexico. His father, Julian Slim, founded a dried-goods store, for which he made substantial profits that enabled him to buy property in the city at low prices during the Mexican Revolution. Thanks to his smart investment decisions, Julian became wealthy and his wealth currently surpassed the $100 billion barrier, according to the latest release of the Bloomberg Billionaires Index lionaires.

From a young age, Carlos Slim cared about his father's business, and when his father died he was only 13, yet he continued to work for his father's company, which he inherited from him.

Slim later attended the National Autonomous University of Mexico, studied civil engineering, was also interested in economics, received training courses in this field after graduation, and later worked as a shareholder in Mexico City.

At the time of his 25 years of age, he had earned about $ 400 thousand in trading profits, which he used to set up his company, Invressora Boursatel, for financial brokerage.

Slim controls several companies through his company Grobo Carso, which owns stakes in a variety of companies, such as Elementia, one of Mexico's largest cement companies, as well as holding stakes in retail companies such as Sears and Saks Fifth Avenue.

He also owns stakes in companies involved in energy, construction and automobiles, as well as a stake in The New York Times, but the bulk of his wealth comes from telecommunications, as Slim owns Mexican telecom company Movell.

American Movell is not only located in Mexico, it is located elsewhere through its subsidiaries, such as Tracfon Mobile Services in the United States of America, and America Movell has a majority stake in Telecom Austria.

The "Slim" telecommunications empire reaches almost all Latin American countries, and it should be noted that its success in this sector is not due to the great knowledge of technology or communications.