[p]NEW YORK. According to Forbes magazine, Mexican tycoon Carlos Slim is in danger of losing his position as the richest man in the world because of the drop in the shares of his company America Movil, due to the telecommunications bill in Mexico.
In Forbes last edition of the richest people in the world list, released on March 4, Slim was at the top of the list for the fourth consecutive year.
However, the Mexican government this week introduced an ambitious reform in telecommunications, which has the backing of four political forces and provides for changes in the Constitution.
This project will recover the guidance by the State in a key sector which is that of telecommunications, and also promotes competition and opens the door to foreign investment.
America Movil and Telmex make up about 70 and 84% of the market respectively, and is controlled by Carlos Slim.
This new bill, which has already been endorsed by a Senate committee, affected the share price of America Movil in the New York Stock Exchange, which fell by 13.15% this week and 19.53% so far this year.
This means that shares in the company Slim owns is now worth $31 billion, which is down from the $36 billion Forbes has estimated him from their ranking earlier this month. Microsoft founder Bill Gates bill gates was second on this list, and not that far behind Slim who if these types of changes continue, Bill Gates might be in the number one spot in Forbes next edition of this list.