Carlos Slim Loses $29 Million in Struggling Newspaper in One Day

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The New York Times Company posted weak quarterly earnings today and failed to meet expectations. As a result, its share price got hammered, down nearly 22 percent.

It was a costly day for the company’s largest shareholder, Carlos Slim. Slim, who heavily invested in The New York Times Company last year, owns 11.903 million shares. After today’s tumble, Slim lost nearly $29 million.

Lucky for Slim he is still the world’s richest man and still profiting from Obamaphones.

The New York Times has come under fire in the past for failing to cover its owner.