US hedge fund Millennium Management has amassed a $320mn bet against Mexican billionaire Carlos Slim’s telecoms empire amid a sharp fall in the company’s shares.
The sizeable short position pitches the firm led by founder Izzy Englander against one of the largest telecoms companies in the world, with operations across Latin America and in central and eastern Europe through its stake in Telekom Austria.
The company’s shares have fallen 18 per cent since May, giving it a market value of roughly $62bn. It is controlled by the family of 83-year-old Slim — once the world’s richest man — with roughly 53.2 per cent of the company’s shares according to its 2022 annual report.
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