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Millennium makes big bet against América Móvil

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Multi-strategy major Millennium Management has made a big bet against América Móvil with the fund building a $320m short position in Mexican billionaire Carlos Slim’s telecoms empire amid a sharp fall in the value of the as the company’s shares, according to a report by The Financial Times.

Shares in América Móvil, which operates across Latin America and in central and eastern Europe through its stake in Telekom Austria, have fallen by 18 per cent since May, giving it a market value of roughly $62bn.

The report cites the company’s 2022 annual report as revealing that Slim (83), the world’s richest man outside of the US, holds 53.2 per cent of the company’s share.

Millennium’s significant short position equates to roughly 0.52 per cent of América Móvil’s stock, according to a filing with the Spanish markets regulator on Wednesday.

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