It looks like the richest person in Mexico has taken a large hit to his net worth after Donald Trump stunningly won the presidential election.
It is said that he has lost over $4.7 billion, down to a total of $49 billion after the result was announced.
It is said that this is due to the peso dropping 12%, as well as stocks performing poorly.
It was reported by Bloomberg that in total, the richest people in the world lost a combined $41 billion following this election result.
Slim is 76 years old and is the “fourth-richest person in the world, according to Forbes.” He is behind Bill Gates, Amancio Ortega, and Warren Buffett.
“Mexico’s peso went up and down depending on Trump’s performance” in the polls, Forbes reported. When scandals broke, the peso rose and as poll numbers improved it dropped.
It is thought that the value of the peso could drop even more if Trump makes threats to leave NAFTA, which h is a free trade agreement between the US, Canada and Mexico.
“The market is going to be trying to see if he’s going to insist on those comments or if he’s going to be taking a more conciliatory tone,” Caudillo told Forbes.