New York Times majority shareholder Carlos Slim is reportedly $16 billion poorer today than he was prior to Donald Trump’s presidential bid.

According to Bloomberg, Slim’s fortune was just under $67 billion on June 15, 2015 – one day before Trump launched his campaign. As of March 1, that fortune has fallen to roughly $51 billion.

“No one on earth has lost more during Trump’s rise – from a dollar and cents standpoint, at least – than the Mexican telecom magnate,” reads the Bloomberg piece.

“Much of it comes down to this: Trump’s tough talk on Mexico has sunk the peso, dragging down the dollar-based value of Slim’s domestic assets in the process.”

Ouch

On the flip side, however, Bloomberg reports that Trump’s tough talk on Mexico has given rise to Slim’s popularity as a potential presidential candidate.

“His candidacy may be a long shot,” reads the report, “he told Bloomberg TV in December that he’d ‘never’ run for office – but Mexicans are hopeful.”

Nonetheless, the next Mexican presidential election is not due until July 2018. For now, people are simply celebrating Carlos Slim’s slightly shallower pockets.

Sources:
Bloomberg
Reuters