The richest man in Mexico has lost quite a bit of his net worth since President-Elect Donald Trump’s presidential victory.
Multi-billionaire Carlos Slim lost $4.7 billion from his fortune Wednesday as it went down to $49 billion from “$53.7 billion the day before,” the New York Daily News reported.
Experts say the reason Slim lost so much from his fortune is because the peso fell 12 percent and because of poorly performing stocks, Bloomberg News reported.
Bloomberg News reported that the richest people in the world lost $41 billion after Trump’s win.
Slim, 76, is the “fourth-richest person in the world, according to Forbes.” He falls 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. The peso went up when scandals broke but went down as his poll numbers soared.
Analyst Juan Francisco Caudillo told Forbes the peso’s value could go down if Trump threatens to leave NAFTA, a free trade agreement between the U.S., Mexico, and Canada.
“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.