Carlos Slim sells part of his New York Times stockBy Elliot Bullman
The reason doesn't appear to be a lack of earnings.
Mexican telecom mogulCarlos Slim Helúsold $10 million worth of shares inThe New York Times, according to a reportfiled Tuesdaywith the U.S. Securities and Exchange Commission.
Just a day after the newspaper reported earnings during the second quarter of the year, the Mexican billionaire sold newspaper stock, equivalent to 521,500 shares, a tiny fraction of his total stake in the paper.
The share price ofThe New York Timeshas risen about 50% in the past year, so it's possible that Slim intended to lock in some profits.
Back in 2015, Slim more than doubledhis stake inThe New York Times, to nearly 17%, becoming the paper's largest singleinvestor.
Slim, aMexican businesstycoon with a telecom empire operating in 18 Latin American countries, paid $101.1 million to exercise warrants to acquire nearly 16 million shares of the company’s Class A stock at a price of over $6.36 a share,increasing his stake from 7 % to 16.8 %,the paper said at the time.
Slim owned nearly 28 million shares in total before Tuesday sale-- about 9 million of which are owned via his finance firm, Grupo Financiero Inbursa. Slim's direct stake inThe New York Timesis currently worth about $370 million.
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