Telecoms Tycoon Overtakes Bill Gates as World's Richest Man

Mexico's telecoms tycoon, Carlos Slim is reported to have overtaken Bill Gates as the world's richest man after the shareprice of his Telmex and America Movil groups surged.
The Mexican financial publication, Sentido Común says that the recent surge in Movil's shareprice has pushed Slim's net worth to an estimated US$67.8 billion, compared with Bill Gates at US$59.2 billion.
Earlier this year, it was estimated that Carlos Slim had overtaken financial investor, Warren Buffett to take the second place - but the lead was narrow, at the time.
Shares in America Movil have surged by 27% over the second quarter, compared with a 5.7% rise for Microsoft. Mr Slim's bank, Inbursa, also saw its value jump by 20%.
Possible regulatory changes in Mexico may make the lead a short lived one however, as the near monopoly in landline provisions enjoyed by Telmex is likely to be threatened by the newish Mexican government. The Telmex share valuation may suffer badly if the regulatory changes are significant.