Bloomberg — Millennium Management is shorting the stock of America Movil SAB, the telecommunications giant controlled by Mexican billionaire Carlos Slim.
The New York hedge fund founded by Izzy Englander has accumulated about 0.52% of America Movil’s stock, worth about $320 million, betting on further declines in its share price, according to an Aug. 30 regulatory filing with Spanish regulators.
A representative for Millennium declined to comment on the move, which is one of the largest short disclosures made by the firm. A press officer for America Movil didn’t respond to a request for comment.
Revenue at Latin America’s largest phone and internet service provider fell 4.6% in the second quarter from a year earlier amid a sluggish local economy and persistently high inflation. Net debt stood at 358 billion pesos ($21 billion). The company, whose shares have slid 15% since end-May, had a market value of about $59 billion as of Thursday.
With a net worth of $92.8 billion, Slim is Latin America’s wealthiest man, according to the Bloomberg Billionaires Index.
Short sellers sell borrowed stocks in the hope of buying them back at lower prices, pocketing the difference as profit. The Financial Times reported the filing earlier.
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