Slim responds to criticism of favoritism: “I don’t see what benefit this Government has given me”

After three years without appearing before the press, Mexican tycoon Carlos Slim has taken to the microphones to defend his business emporium and refute that he is the favorite businessman of López Obrador’s six-year term. “I don’t see what benefit I have in this Government. Of the seven stages of the Mayan Train, we have only received stage two of the Mayan Train and from that stage we did not build the viaduct or the station,” said the magnate, who has a fortune of more than 100,000 million dollars.

The businessman shared his ideas on how to grow the economy in Mexico. In his opinion, it is key to increase the salary of those who work more than 40 hours a week and increase investment. “Many activities already work 40 hours, so legally, all State workers should leave this minimum wage and those who work for 48 hours should raise their salary 20% more,” he said.

Slim assured that the López Obrador Government has been transitional and trusted that the next Administration will be one of consolidation. When questioned about the recent reform package of the Executive, he supported the planned changes in the Judiciary.

The magnate used much of his time in front of the press to review his business origins and defend his investments in Telephones de México (Telmex). He said that Telmex is not a profitable company today and operates in the red, but warned that they will not sell it and that they are still seeking an agreement with unionized workers to reduce labor liabilities. According to his accounts, it amounts to more than 270,000 million pesos, after the plan for retirees to exchange liabilities for shares failed.

The press conference was also a review of his life. He spoke about his beginnings as a professor at the UNAM Faculty of Engineering and recalled the creation of his first three companies in the seventies: Jarritos del Sur, Inversora Bursátil which later became Grupo Financiero Inbursa and Inmobiliaria Carso. Slim said that the seed of the financial group began with $80,000 of capital until it now became one of the most important financial groups in the country.

At 84 years old, the fortune of the richest man in Mexico has exceeded $100 billion for the first time. The telecommunications magnate has taken advantage of the context of the superpeso, due to which the Mexican currency has risen around 14% against the dollar this year. Slim earned $27 billion in 2023, according to the Bloomberg Billionaires Index.

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