Mexican billionaire Carlos Slim has terminated his business relationship with Elon Musk’s Starlink following a public spat ignited by a post on X. The controversy began when Musk reposted a message from an account called @WallStreetMav, which accused Slim of having connections to drug cartels in Mexico. The post referenced a New York Times article, suggesting that Slim’s wealth was tied to these alleged links. Musk’s repost, accompanied by a magnifying glass emoji, implied that the claims warranted further investigation.
In response, Slim’s telecommunications company, América Móvil, announced a $22 billion investment over the next three years to build its own independent infrastructure. This move is aimed at strengthening its position in Latin America’s competitive telecom market. América Móvil’s CEO, Daniel Hajj, confirmed the decision to end its partnership with Starlink during a recent analyst conference.
Carlos Slim is a Mexican billionaire worth over $70 billion. He is the largest shareholder in publicly traded shares of The New York Times.
He also is known to have significant ties to the drug cartels in Mexico. You don’t become a billionaire in Mexico without being part of the… https://t.co/9JelksZRJA
— Wall Street Mav (@WallStreetMav) January 23, 2025
Slim also revealed that the $22 billion originally planned for Starlink projects would now be redirected to companies in China and Europe
The decision has significant financial implications for Musk, with estimates suggesting a loss of nearly $7 billion. América Móvil, the seventh-largest mobile telecom operator globally, had previously explored partnerships with Starlink and AST SpaceMobile to enhance satellite connectivity in rural areas. The company’s CFO, Carlos García Moreno Elizondo, emphasized the importance of improving service quality and reducing costs through such collaborations.
— Elon Musk (@elonmusk) January 23, 2025
Carlos Slim, with a net worth of approximately $82 billion, is one of the wealthiest individuals in the world. His conglomerate, Grupo Carso, controls major companies like Telmex, América Móvil, and Grupo Financiero Inbursa. The termination of the Starlink partnership highlights the intense competition in the telecommunications industry and the complexities of global business relationships.
