Billionaire Slim bets on Citigroup
Mexican billionaire Carlos Slim has faith in Citigroup Inc., as evidenced by his hefty purchase of shares from the struggling Wall Street giant last week, published reports said.
Mexican billionaire Carlos Slim has faith in Citigroup Inc., as evidenced by his hefty purchase of shares from the struggling Wall Street giant last week, published reports said.
Slim’s Mexico City-based investment firm, Grupo Financiero Inbursa SA, bought roughly 26 million shares of New York-based Citigroup, a stake of less than 1%, according to published reports.
Although its stock sank below $4 last week, the bank surged more than 60% this week after the government agreed to guarantee $306 billion to cover risky assets and inject $20 billion of new capital in the bank(InvestmentNews, Nov. 24).
In mid-afternoon trading, Citigroup’s stock was up $0.71, or 15.3%, to $5.35.
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