Millennium Management has largely unwound a bet against the stock of America Movil SAB, the telecommunications giant controlled by Mexican billionaire Carlos Slim.
(Bloomberg) — Millennium Management has largely unwound a bet against the stock of America Movil SAB, the telecommunications giant controlled by Mexican billionaire Carlos Slim.
The New York hedge fund founded by Izzy Englander had 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 disclosure dated Aug. 31 now shows this position had dropped to 0.01%.
Representatives for Millennium and America Movil declined to comment.
Read more: Slim’s America Movil Posts Lower Sales Amid Sluggish Economy
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 about 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 on the Aug. 30 filing earlier.
(Updates with Aug. 31 disclosure. An earlier version corrected the spelling of the hedge fund’s name in the headline.)
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