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Carlos Slim Networth

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Carlos Slim

Carlos Slim

$58.1 billion
81 years
January 28, 1940
Mexico City, Mexico
Male
5 Ft 9 Inc(173cm)
Mexican
Mexican business magnate
Julián Slim Haddad , Linda Helú Atta
Soumaya Domit Gemayel
Johanna Slim Domit, Carlos Slim Domit, patrick Slim Domit, vannesa Slim Domit, Marco antonio slim Domit
Mexican business magnate
September 2020

Carlos Slim, (born January 28, 1940, Mexico City, Mexico) was one of the wealthiest entrepreneurs in the world. Through his conglomerate Grupo Carso, SA de CV, he has held substantial holdings in a large number of Mexican firms, amassing investments in communications, insurance, building, oil, mining, retailing, publication, and finance.

Carlos Slim was born into the Lebanese Christian immigrant family in Mexico, where her father made a fortune during the 1910-20 Mexican Revolution.

Slim graduated from the National Autonomous University of Mexico with a degree in engineering, and by the mid-1960ies he invested in and formed several companies that became the base of Grupo Carso.

After the 1982 economic crisis, the Mexican Government began to nationalize the banks and frighten business investors by defaulting on international debt in the light of a devalued peso.

After purchasing interests in several firms at negotiated rates, Slim controlled them so successfully that their overall value soared in the span of a decade.

Early Life of Carlo Slim

Carlos Slim is a business mogul, businessman, and philanthropist from Mexico, born on January 28, 1940. From 2010 to 2013, the Forbes business journal ranked Slim as the wealthiest individual in the world. Via his conglomerate, Grupo Carso, he derived his fortune from his vast holdings in several Mexican companies. He is the fifth richest person on the planet by February 2020, according to Forbes’ The World’s Billionaires list, with a net worth of $68.9 billion estimated for him and his family. He is Latin America’s richest individual.

Its community consists of education, medical care, industrial production, transportation, land, media, energy, hospitality, entertainment, high-tech, retail, sport, and financial services. It accounts for 40% of the Mexican stock exchange listings while its net value is equal to approximately 6% of the gross domestic product of Mexico. In 2016, he was The New York Times Company’s biggest single shareholder.

The two Maronite Christians of Lebanon were born in Julian Slim Haddad (born Khalil Salim Haddad Aglamaz) and Linda Helú Atta on 28 January 1940 in Mexico City. When he was young, he decided that he wanted to be a businessman and he received his father’s business lessons, teaching him economics, administration, and accounting and teaching him to read financial statements and the importance of keeping exact financial records.

Carlos Slim invested at the age of eleven in a government savings bond to teach him the compound interest principle. Finally, he saved every financial and business transaction he had made into a personal book he still retains. He purchased his first stock of shares in a Mexican bank at the age of twelve.

By the age of 15, Carlos Slim had become a shareholder in the largest bank in Mexico. He won 200 pesos a week for his dad’s business at the age of 17. He studied civil engineering at the National Autonomous University of Mexico, where he also taught algebra and linear programming simultaneously.

Although Slim was a major in civil engineering, he was also involved in the industry. After completing his engineering degree, he took economics courses in Chile. Slim graduated from the civil engineering degree and said that his mathematical skills and linear programming experience were a key factor in his growth in the business world, particularly when reading financial statements.

Business career

Carlos Slim

Carlos Slim

The 1960s

Carlos Slim started his career as a stock trader in Mexico after graduating from college in 1961, mostly working 14 hours. In 1965, Slim made income from private investments of up to USD400,000, allowing him to launch the Inversora Bursátil stock brokerage. Furthermore, he started laying the financial foundations for Grupo Carso. I have purchased Jarritos del Sur in 1965. He formed Inmobiliaria Carso in 1966, worth US$ 40 million.

The 1970s

Building companies, soft drinks, printing, immobilization, bottling, and mining industries were the focus of Slim’s early booming business career. Slim’s Grupo Financieros Inbursa – which sells insurance and invests savings, mutual funds, and pension funds – later expanded into various industries, including car parts, aluminum, airlines, chemicals, tobacco, development of cables and wires, paper and packaging, copper and mineral extraction, dragging, cement, retail services By 1972, he had founded or purchased seven other companies in these groups, including one that leased construction equipment.

In 1976 he acquired a 60 percent stake in the Galas de México, a small imprinting company with US$ 1 million in cigarette packaging labels, and in 1980 he consolidated his business activities in creating Grupo Galas as the parent company of an industry, mining, manufacturing, food and tobacco conglomerate. In 1981, Slim purchased a majority stake in Mexico’s second-largest cigarette manufacturer and distributor, Cigarros la Tabacalera Mexicanos (Cigatam), at a lower rate.

The 1980s

In 1982, the Mexican economy quickly contracted. As many banks fought hard and foreign investors cut investment and scurried, Slim started to spend heavily and bought multiple flagship companies with depressed valuations. The acquisition of troubling properties at low prices to later sell at an attractive price is a technique Slim has applied over the course of his career.

With an eye to value investments, Carlos Slim adhered to his investment practice with a long history of acquiring shares in businesses that he finds undervalued. Many of the corporate deals of Slim involved a straightforward strategy of purchasing a company and borrowing its cash flow or ultimately selling the stake for a higher profit in the future, thereby netting the capital gains and reinvesting the initial principal into a new business.

Moreover, the conglomerate structure allows Carlos Slim to buy various shares, which proves almost a recession if one or more sectors of the economy do not do well.

Carlos Slim and his growing family lived a modest life from the mid-1960s to the early 1980s, though profits from Slim’s several companies were reinvested in further growth and acquisitions. Carlos Slim bought businesses with substantial capital returns which he felt were undervalued and their management overhauled.

In various industries across Mexico, he diversified methodically, investing in land, a construction equipment business, and mining firms. A printing company, a cigarette company, and retail stores were part of Carlos Slim’s portfolio.

During Mexico’s pre-recovery economic downturn in 1985, Carlo Slim spent heavily. The Corporation has purchased a significant proportion of several companies in Mexico, including Companies Frisco, a mining firm manufacturing silver, gold, copper, plum, and zinc, and for just 50 million dollars, chemistry including hydrofluoric acid and molybdenum, Industrias Nacobre, a producer of copper products, Reynolds Aluminum, Mexico’s largest corporation, Hulera Euzkadi.

In 1984 Carlos Slim invested $13 million in the purchase of insurance undertaking Seguros de México and later absorbed it into the firm, Seguros Inbursa. After four spinoffs, the value of his Seguros share reached $1.5 billion in 2007. He also purchased the British American Tobacco and The Hershey Companies’ 40% and 50 % stake in the Mexican arms and purchased large blocks of Denny’s and Firestone Tires respectively.

He has also purchased and produced Seguros de México, along with other acquisitions such as Fianzas La Guardian and Casa de Bolsa Inbursa, the Grupo Financiero Inbursa. Many of these investments were funded from Cigatam, a cigarette company that he purchased early in the economic downturn.

In 1988 Carlo Slim purchased from the Nacobre group companies dealing in copper and aluminum products, Química Fluor, and others.

The 1990s

In the early 1990s, Carlos Slim achieved great popularity when Mexico privatized its telecommunications industry and Group Carso purchased Telmex from the government of Mexico. In 1990, Grupo Carso was first floated in Mexico and then worldwide as a public company.

In 1990, Grupo Carso also gained the majority control of Porcelanite, a tile producer. In 1995, Grupo Carso started to raise its shareholding to 83% and later made it a subsidiary. This investment was allocated to a related company.

Carlos Slim, along with France Télécom and the Southwestern Bell Business, acted later in 1990 to acquire the Mexican government’s Telmex landline telephone business when Mexico started to privatize its national industries. Slim was one of Telmex’s original investors, and the company’s revenue ultimately constituted Carlos Slim’s capital.

By 2006, 90 percent of the telephone lines in Mexico were run by Telmex, and almost 80 percent of all cell phones were run by the mobile network, Telcel which was created by the network Radiomóvil Dips. By 2012, the telecommunications business of Carlos Slim, América Movil, took over Telmex and became a private subsidiary.

He picked up Calinda Hotels (now OSTAR Grupo Hotelero) in 1991 and raised his stakes in General Tire and Grupo Aluminio by 1993 to the point in which he was mainly involved.

Group Carso was divided into three companies: Carso Global Telecom, Grupo Carso, and Invercorporación in 1996. In the following year, Carlos Slim bought Sears Roebuck’s Mexican arm.

In July 1997 Grupo Carso agreed to sell Procter & Gamble of Mexico for about 170 million US dollars to a subsidiary of The Procter & Gamble Co., a production plant in Apizaco, the Lipps and Pampys, and other toilet fabric brands while retaining its fabrics business Fábricas de Papel Loreto y Peña Pobre.

Carlos Slim started expanding his business interests outside Latin America in 1999. While the majority of his wealth remained in Mexico, he started to concentrate on overseas investment in the United States.

The 2000s

By 2003, Carlos Slim had started buying big stakes on some of the leading US retailers such as Barnes & Noble, OfficeMax, Office Depot, Circuit City, Borders, and CompUSA, and he became a popular figure on the American business scene. Most of the reason for Slim’s foreign expansion was because of a loud joke in the Mexican economy where “nothing was left to obtain in Mexico.”

He aimed for investment in the United States, where he founded Telmex USA and also acquired a stake in the US mobile phone company Tracfone. In the same period, Carso Infraestructura & Construcción, S. A. was established. (CICSA) within the Carso Group as a construction and engineering firm. Slim had heart surgery during the same year and subsequently handed over a lot of regular business participation to his children and their spouses.

América Telecom, América Móvil holding firm, was founded in 2000. The group has been active in mobile telecommunications companies outside Mexico including Brazilian ATL and Telecom Americas, Techtel in Argentina, and other companies in Guatemala and Ecuador. Latin America, companies in Colombia, Nicaragua, Peru, Chile, Honduras, and El Salvador as well as Microsoft have invested in subsequent years.

In 2005, Carlos Slim invested with Volaris, a Mexican airline, and founded the Impulsors for Development and Jobs in Latin America, SAB of CV, a Mexican civil engineering firm, mainly engaged in nonprofit infrastructural development, using the acronym “IDEAL.” Since 2006, IDEAL has won three contracts on infrastructure but faces heavy competition from a variety of other construction companies from Mexico and Spain.

Over the same time, the companies received 18 Mexican projects worth US$ 1.09 billion, including airports, toll roads, hospitals, and oil platforms, which are worth USD 29 million. Some of the projects awarded to IDEAL include the construction of Nezahualcoyotl, a landfill that has been purchased by Slim to build a mall, two schools, a hospital, and a park at the site for the US $150 million.

Other IDEAL contracts include a contract for water treatment plants and an Immobiliary Agreement with Star Médica, the Mexican hospital chain. IDEAL is also betting on one of Mexico City’s poorest locations.

Carlos Slim also plans to buy many toll roads offered by the Mexican government, which took over from private businesses after the currency devaluation in December 1994. Although the deposit takes approximately 12 years for a return, the production of such a poor area shows good business profit over the years as Grupo Elektra, the largest consumer electronics retailer in Mexico, sells 2,000 flat-screen TVs a year in its store in the area, making it the third bestselling market.

IDEAL would also boost rental from a university, a hospital, and a school built around a mall to 178 stores, including Inditex’s Zara fashion chain, and Slim’s Grupo Sanborns, and the Sears Holdings Mexican unit. A park in Nezahualcoyotl is also being created, the first of its kind. There will be 34 football courts, 12 tennis courts, basketball and volleyball courts, baseball courts, and a swimming pool gym.

After having acquired 50.1 percent of its assets in the Cigatam tobacco company in 2007, Slim decreased its assets by selling a significant portion of its stock for US$ 1.1 billion to Philip Morris and also sold his full share in the same year for US US$ 800 million to a title company, Porcelanite. He licensed the name of Saks and opened Saks Fifth Avenue Mexican arm in Santa Fe, Mexico. The estimated value of all Slim corporations was US$ 150 billion in the same year.

Grupo Carso announced on 8 December 2007 that the other 103 CompUSA stores would be either liquidated or sold, putting the combat business to an end, while CompUSA’s IT-tech segment has continued under the Telvista name with US locations in Dallas, Texas, and Danville, Virginia. Telvista has five centers in Mexico (three in Tijuana and one in Mexicali). Telvista has five centers in Mexico. After 28 years, Slim became Chairman of the company Honorary Lifetime.

In 2008, Carlos Slim owned a $27 million share in the struggling New York Times Business, which accounted for 6.4 percent, as the global recession and dropping advertisement sales were especially bad for print “old media” companies across the United States. By 2012, Slim raised its stake to 8 percent. On 20 January 2015, Slim’s participation in the Times increased once more to 16,8 percent of the company’s Class A shares, exercising stock options for the purchase of 15,9 million shares making it the company’s largest shareholder.

The Class A shares of the New York Times Corporation are eligible for public purchasing and have less power over the company than the private shares owned in Class B. According to the company’s annual filings for 2016, Slim held 17.4 percent of the Class A shares of the company and neither of the class B shares of the company.

In Mexico City, Slim designed Plaza Carso, where most of his undertakings share a shared head office.

The 2010s

In December 2013, Since Inbursa sold its interest in the Mexican pharmaceutical company Landsteiner Scientific to the Slim private equity firm. In June 2008, Slim purchased 27.51 shares in the firm, representing 6.6 percent of Sinca’s investment portfolio. Investments in the private equity fund are mostly for transport and telecommunications, with a total market cap of 5,152 billion pesos at the end of 2012.

Carlos Slim has also concentrated on the oil sector. In 2011, Slim started purchasing a 70 % stake in Tabasco Oil Co., Geoprocesados SA, to enter the Colombian oil market as the country seeks to improve the production of crude and natural gas. Due to the country’s open exploration policy and its double production pledge by 2020, Slim began seeking to improve his oil investments in Colombia. As a result of increased protection and a strong government regulatory structure for oil exploration, investors have also been attracted to Colombia.

In 2013, Pemex, the national oil and gas corporation in Mexico, employed the Carso Group’s offshore drilling facility. The agreement would allow the Pemex company to operate the plant on a seven-year contract and pay 415 million US dollars. The plant is owned by Operadora Cicsa, a Carso Group subsidiary.

The Pemex-Carlo Slim partnership dates back to 2006 when NOC hired CICSA to drill and complete over 60 wells for the southern region, including the expansion of the Veracruz petrochemical plant and its properties – including the Cinco Presidents, Macuspana-Muspac, Samaria-Luna, and Bellota-Jujo properties.

A variety of petroleum well production contracts have been awarded to Carlo Slim infrastructure and construction subsidiary, including Chicontepec AL, as well as tenders for the building of pipelines and marine platforms in Pemex. Slim has begun taking advantage of business and investment opportunities in Mexico’s oil and gas sector with the 2008 reform of the Pemex Act, the development of integrated service contracts, and the potential for future energy reform.

CICSA’s Swepomex pipe development division into a marine platform supplier. CICSA, along with minority interests in Allis Chalmers Energy, has also purchased the majority of shares in the Oklahoma contractor Bronco Drilling. Slim tracks Bronco’s 15% stake, with warrants that could increase the stake to 20%.

In Allis-Chalmers, he also has a 2.9% interest. 15% of the main gas operator of the country, Gas Natural Mexico now belongs to Since Inbursa, a Slim-controlled private equity company. Also, Slim Helú has held an essential presence in Spain’s oil firm Repsol and its Argentine affiliate YPF, Argentina’s largest petroleum firm with an 8.4% stake.

On April 23, 2014, Carlos Slim became the first successful business acquisition for Slim in Europe under a 10-year agreement with Telekom Austria, Austria’s leading telecommunications company which has telcos in Bulgaria, Croatia, and Belarus. In a union holding arrangement, 28% of the Austrian holding company OIAG was combined with 27% control of Lean.

America Movil is going to spend up to $ 2 trillion on the acquisition of minority shareholders in a compulsory public offer and invest up to $ 1 trillion into the business, which it sees as a forum for the expansion into central and eastern Europe. Labor officials boycotted the 12-hour meeting of OIAG’s Supervisory Board protesting the lack of clear work guarantees.

In July 2014 Carlo Slim invested with former Republican Vice-President Dick Cheney in WellAware, a Texas-based oil, and natural gas software developer. Activant Capital Group and Slim provided external support with the involvement of strategic investors and WellAware board members Ed Whitacre.

As Mexico finally prepares for the first time in 75 years to open its oil and gas industries to domestic and international private capital, it is widely speculated that Slim will play a key role in contributing to Mexico’s new energy environment. Slim’s investment in WellAware, whose software helps petroleum and oil companies to remotely track wells and pipelines and collects predictive data, adds to a range of oil-related investments he has made in Mexico, Latin America, and the United States in recent years.

In January 2015, Grupo Carso released Claro Musica, an online music service similar to iTunes and Spotify in Latin America. Slim and his son increased their presence in the music industry in Mexico, particularly since 2013 in retail music.

Sanborn’s Mexican retail store, owned by Slim, contains a wide selection of music and 170 locations in Mexico, as well as the majority stakeholders in Mixup, Mexica’s most profitable retail music store, which consists of a Mexican chain of 117 shops, as well as an online shop via a collaboration with Apple. Mixup also generated revenues in 2014 over US$ 320 million.

In March 2015, Carlo Slim started to look at Spain by buying Spanish property at lower prices in the afflicted Spanish economy. Slim has also bought interests in different distressed Spanish firms when looking at various European investments.

Carlos Slim’s investment firm Inmobiliaria Carso has announced that it will acquire a shareholding in the Spanish banking group Bankia, which is combined with Carlos Slim’s other acquisition of Realia, a Spain’s real estate company, with the second-largest shareholder holding a 25% shareholding, behind Fomento de Construcciones y Contratas, a construction company in which Slim also has a minority shareholder.

Carlos Slim set up his own oil business, Carso Oil & Gas, on 15 April 2015. The company was formed after the shareholders of the subsidiaries of Carlos Slim, Grupo Carso, voted to combine Carso Infraestructura, Construccion y Perforation, and Condumex Perforaciones into Carso Oil and Gas. In February 2015 the company was founded.

A study published by the new company mentioned its assets for 3.5 billion pesos (about 230 million US dollars) on 17.7 million shares. Following the company establishment, Carlos Slim remained sanguine about the company and the increasing energy market in Mexico in which the state monopoly ceased to exist once controlled by the state-owned oil company Pemex and the market was opened up to private investors.

The Control Entrepreneurial de Capitales investment group of Carlos Slim invested in IMatchative, a technology startup that rates hedge funds in the world and produces in-depth computational and market analyses. The company produces proprietary profiles of actions of the top managers of hedge funds, using everything from divorce records to political contributions in their profiles and fund reviews. Limited partners pay USD 30,000 per subscription and the managers of hedge funds pay half the expense and also sign up for a free edition of the items the company sells.

One of Carlos Slim’s companies revealed Philosophy Jr on 8 September 2015. Studio, a young woman’s fashion line, will grow into an independent store chain competing with elite fashion retailers around the world. Although the style and the number of annual collections of the new fashion line were not released, Philosophy Jr.

The studio is supposed to contend with countless prominent multinationals like H&M, Forever 21, Zara, and C&A. The fashion line will be sold at two shopping centers in Mexico City at individual brick and mortar boutiques. With a seed investment of $20 million, Carlos Slim plans to have 100 standalone stores by 2017. The brand was created in 2011 and sold at Sears Mexico, a unit of Grupo Sanborns, the Carlos Slim-owned restaurant, retail, and pharmacy network.

Personal life

Carlos Slim

Carlos Slim

From 1967 until she died in 1999, Carlos Slim was married to Soumaya Domit. Various philanthropic projects, including the creation of a legal framework for organ donation, were in her interests. Slim has six kids: Carlos, Marco Antonio, Patrick, Vanessa, Soumaya, and Johanna. Slim’s fortune gave rise to an empire of the family business and he often acquired shares for himself and his children.

His three older children serve in key positions in Carlos Slim-controlled companies, where the majority are involved in the daily running of the business empire in Slim. In 1999 Slim underwent cardiac surgery. Slim’s favorite tonics at high school were history, cosmography, and math. Slim and his wife had a very happy marriage, and he said he would not remarry.

Slim doesn’t maintain a computer in his office and instead prefers to keep all his financial data in manual notebooks. Because of the enormous size of his business empire, Slim often jokes that he can not track all the companies that he manages. Carlos Slim is a Maronite Catholic and is one of the prominent supporters of the Roman Catholic Institute of Religion of Christ.

Criticism

Carlos Slim’s rising wealth was the subject of controversy as the average per capita income in a developing world does not exceed US$ 14,500 a year and almost 17 percent of the population lives in poverty. Critics maintain that Slim is a monopolist and point to 90% of the Mexican fixed-line telecommunications market being dominated by Telmex. Slim’s wealth correlates to approximately 5% of Mexico’s annual economic results.

According to the Organization for Economic Co-operation and Development, Telmex, which owns 49.1% of Slim and its relatives, charges among the highest consumption rates in the world. The average Mexican spends 1.50 pesos a day on Slim products and services for approximately 140 million dollars a day and the new government anti-monopoly watchdog Federal Telecommunications Institute in April 2014 said that Slim’s telecoms companies are monopolies. In Mexico alone, Slim’s business presence is so large that it is appropriate for many Mexicans to name the country Slimlandia because it is almost impossible to stay a day in Mexico without contributing to Slim’s wealth.

Carlos Slim’s dominance of Mexico’s conglomerates prevents smaller businesses from increasing, resulting in a shortage of paid jobs, forcing many Mexicans to look for a better life in the US, according to Celso Garrido, an economist at the Universidad Nacional Autónoma in Mexico.

In reaction to the criticism, Carlos Slim said “If you live for the thoughts of other people, you are dead. I don’t want to live worrying about how [the people of Mexico] are reminded of me,” claiming indifference to his place at Forbes ‘ list of the richest people in the world. He said he’s not interested in being the richest person in the world. In a press conference immediately after the publication of Forbes’ annual rankings, he was asked to justify his sudden wealth growth and to note that his fortune could rapidly decline.

In 2013 Henk Kamp, the Minister of the Dutch Economic Affairs criticized Slim for seeking to extend his TV empire outside the Americas through the buy-out bid made by América Móvil to KPN, a Netherlands-based fixed and mobile telecommunications enterprise privatized in the 1990s, by saying that “a foreign company’s acquisition of KPN might have implications for national security in the Netherworld.”

Two years after Carlos Slim’s inability to take ownership of the company primarily as a result of political interference and Slim’s lack of interest in buying a company, Slim’s America Movil SAB started offering 2,25 billion euros in bonds which could be turned into shares of Royal KPN NV. After talks broke down and the KPN preference sharing fund thwarted the pickup attempt, Slim was steadily declining its holdings after he was forced to withdraw a 7.2-million-euro offer for a Dutch line carrier in 2013.

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John Kluge Networth

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John Kluge, The German-American merchant (September 21, 1914 – September 8, 2010) became a billionaire in the US television industry. He was once the wealthiest individual in the United States.

The early life of John Kluge

john kluge

john kluge

John Kluge was born to a Presbyterian family in Chemnitz, Germany, and emigrated to the United States in 1922. He received his B.A. The University of Columbia graduated in economics in 1937. Kluge attended Wayne State University for two years before attending Columbia University. His ancestry was Scottish-Irish, English, and German.

John Kluge served in underground P.O. during World War II. Box 1142 External Interrogation Center, D.C.

Metromedia and Metromedia Company

In the mid-1950s John Kluge’s main move into the media was to buy stocks in the Metropolitan Broadcasting Corporation. The Metropolitan Broadcasting Corporation succeeded the DuMont Television Network that, when the television network came to an end in 1956, was spun off from the DuMont Laboratories.

Metropolitan Broadcasting consisted of two stations, WABD in New York City and WTTG in Washington, D.C., which now operates as independent stations, both former DuMont outlets. As its Board Chairman and largest shareholder, John Kluge joined the company in 1958, acquiring the bulk of its shares by Founder Allen B. DuMont for approximately USD 6 million.

After gaining control in 1959, John Kluge started to expand into broadcasting with TV and radio holdings. In the early ’60s, Kluge acquired an outdoor advertising company and, in 1961, Metromedia was renamed to reflect its diversity.

In 1986, John Kluge sold 20th Century Fox (then ruled by the News Corporation) the Metromedia television stations, at $4 billion. Later on, these stations would form the core of Fox’s television network (spun off from News Corporation/20th Century Fox with Fox Corporation decades later). Forbes ranked Kluge as the richest man in America the following year.

The management of Metromedia under orders from Kluge destroyed the videotapes in retaliation for a prosecution brought against Paul Winchell, who sought rights to his children’s television program, “Winchell-Mahoney Time.” Later, Winchell was awarded almost $18 million to compensate for the capricious behavior of Metromedia.

Following the disposal of Fox, the activities of Kluge have been carried out by a private company called Metromedia Corporation with Stuart Subotnick as a partner. Metromedia’s most recent activities include East European, the Commonwealth of the Independent States, and China telecom/cable/radio ventures, via the Metromedia Group and Metromedia Fiber Network, a fateful US telecommunications backbone operation.

In July 2008, the Metromedia Restaurant Group, which belongs to the Metromedia Company, closed more than 300 restaurants in Bennigan, Steak, and Ale. The original team operators of the New York / New Jersey MetroStars Major League Soccer franchise were also Kluge and partner Stuart Subotnick.

Philanthropy

John W. Kluge Center

To mark its 200th anniversary, John Kluge donated an incredible $60 million to create the John W. Kluge Center at the Congress Library. It was designed as an academic center where active senior scholars and post-doctoral fellows may gather to utilize the incomparable collections of the library and engage with members of the US Congress. Besides, his donation will be awarded a $1 million reward, equivalent to the Nobel Prize in Literature and Economics, for the achievement of life in the Humanities. The Kluge Award will reward the academic success of life in the same way that the Kennedy center awards recognize the performing arts of a lifetime.

University of Columbia

Kluge gave Columbia University over $510 million. Kluge donated over $110 million to Columbia University between 1987 and 1993, acknowledging the scholarship funds he was able to attend, mainly to offer financial assistance to undergraduates from disadvantaged backgrounds. His donations also allow many of these students to pursue their doctoral studies after they graduate through funding.

On April 11, 2007, Lee C. Bollinger, Chairman of Columbia University, announced a donation from Kluge of 400 million dollars to the University upon the donor’s death. This donation is the fourth largest contribution to a higher education organization in the United States, all for financial support. This is the biggest commitment ever to assist students solely of any individual higher education institution in the United States.

Virginia University

In December 1997 John Kluge donated to the University of Virginia his world-class collection of autochthonous Australian paintings. This donation led the University of Virginia to create the Kluge-Ruhe Aboriginal Art Museum, the first museum in the U.S. to study and present Aboriginal Australian art and culture.

In 2001, Kluge donated his 7,378 acres (29.86 km) estate to the University of Virginia in Albemarle County, Virginia. The land, worth over $45 million, was the largest donation in the history of the University. UVa held workshops and seminars in different buildings and on the Morven Farm to ensure that land grants are included in their different courses. Many developments are underway to enhance the farm and make it part of Charlottesville’s landscape.

In 2009 he contributed $3 million to the University to promote compassion at the end of life.

Personal life

Kluge was a collector and owner of works by famous artists, including Clifford Possum Tjapaltjarri.

Kluge was awarded the Golden Plate Award in 1983 by the American Academy of Arts.

Four times, Kluge was married. Theodora Thomson Townsend, his first wife, Yolanda Galardo Zucco, Patricia Maureen Rose, and Maria Tussi Kuttner, was his second. In the 1990 divorce settlement, Patricia Kluge retained her estate in Albemarle, which was converted into award-winning viticulture and winery that opened in 1999.

She borrowed 65 million dollars in loans and mortgaged the mansion to fund the expansion of production and a related real-estate company. Kluge had three daughters, Joseph, whom he accepted, Samantha, Zucco, Jr, and Rose, Jr. It also had two steps, Diane and Jeanette Brophy, and Peter Lockwood Townsend, who remained a part of his life until his death. He lived with his fourth partner, Maria Tussi Kluge, at his death in 2010, in New Rochelle, New York, Virginia, and Palm Beach, Florida.

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Denis O’Brien Networth

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Denis O’Brien (born 19 April 1958) is an Irish multi-billionaire and Communicorp ‘s founder and owner. In 2015 he was among the top 200 billionaires in the world and also the wealthiest native citizen of Ireland.

O’Brien also included aviation rental (Aergo Capital), utility support (Actavo), petroleum (Topaz Oil, until 2016), and football ( soccer)

Which he retained as a minority shareholder in Celtic F.C .. O’Brien had an insufficient effect on the Moriarty Tribunal’s decision to grant the Esat Digifone consortium, which it led.

Early life of Denis O’Brien

O’Brien was born in Cork City and grew up in Dublin’s Ballsbridge district. His father was a veterinarian salesman and he always accompanied his dad on business trips, where he learned how to “sell and present.” He attended High School in Rathgar and while his potential for rugby was stopped due to disciplinary issues, he was called back so he could play in a school championship.

He studied philosophy, history and logic and graduated in 1977 from the University College Dublin. In 1982 he graduated with an MBA in Corporate Finance from Boston College while attending UCD. After returning to Dublin, he worked at a local bank as an assistant manager, but he resigned and became a personal assistant to Tony Ryan, the owner of an aircraft rental business.

Career

O’Brien has been in information technology and mass media sectors for the most part of his career. He was also a part owner of energy firms, aerospace companies and manufacturing services.
Communication corpus

O’Brien is the director of Communicorp, a European media holding firm. It began its business in Ireland in 1989 with independent radio stations, such as the Newstalk and Today FM, which spread to markets in Eastern European countries and later sold some of its stations to local operators. In 2014, Communicorp expanded into the UK and bought eight radio stations nationwide; in 2017, Communicorp transferred its UK radio stations to a new independent corporation, Communicorp UK, 98 per cent of which were owned by O’Brien.

Telecom Esat and Digifone Esat

In 1991, in rivalry with the state-owned Telecom Eireann, O’Brien set up a telecommunications consortium known as Esat Telecom. Esat founded Esat Digifone in collaboration with Telenor, Norwegian state telecom operator, which successfully applied for the second GSM mobile licence in Ireland. Circumstances surrounding Esat Digifone’s licencing became the focus of the Moriarty Tribunal.

The first public bid was conducted by Esat Telecom Group plc on 7 November 1997 and coded in the Irish Stock Exchange, the London Stock Exchange and NASDAQ. In 2000, Telenor bid the company for ownership, but O’Brien sold it to BT, which was reportedly €250 million out of revenue.

Capital of Aergo

In 1999, O’Brien co-founded Aergo Capital aircraft rental company, of which he held an 80 % stake. From its establishment until 2014, Aergo has traded more than 150 aircraft worth over €791 million (around $1 billion) grossly. O’Brien and his partner, Fred Browne, sold the company in October 2014 to the United States investment company CarVal; Browne remained the new company’s chief executive officer.

Independent Media and Reporting

O’Brien started buying shares of Independent News & Media (INM) in the late 2000s, and subsequently spent € 500 million to collect 29.9 percent of its shareholdings. O’Brien confronted the management board, particularly former owner Tony O’Reilly, who retired as CEO in 2009 and sold much of his INM shares in 2014. The second largest shareholder at the time, O’Brien and Dermont Desmond, sold their shares to the Belgian media company Mediahuis in April 2019; O’Brien earned €43,5 m as part of the contract.

While he never had a majority interest in INM, O’Brien was frequently accused of controlling the company significantly. In 2014, it was reported that Stephen Rae, a group editor at INM, ordered amendments to a column containing a reference to O’Brien from Sunday Independent editor Anne Harris. In 2015, Paul Meagher, an O’Brien lawyer, allegedly applied in 2012 to INM Attorney Simon McAleese in order to block an environmental affairs affair, Phil Hogan.

In March 2018, the Office of the Director of Corporate Compliance (ODCE) in Ireland appointed independent news and media inspectors to investigate an alleged data infringement in the High Court of Ireland. According to an affidavit submitted by the ODCE, Blaydon Limited discharged invoices for data interrogation.

Independent News & Media was sold to the Belgian Mediahuis group in June 2019, and de-listed from Euronext Dublin, thus ending the group participation of O’Briens. It has been estimated that he has lost over €450 m of his INM investment in total.

The digital dialect

In 2001, O’Brien founded the Caribbean, South America and Asia Pacific telecommunications business Digicel. O’Brien used Digicel to create a wireless network in Jamaica with cash from his sale of Esat Telecom. Digicel extended into the South Pacific in the same year. Digicel worked in 31 countries as of 2019.

O’Brien has founded the Digicel Foundation along with Digicel, which has been partnering with local groups to improve community programmes, establish schools and health facilities, and encourage recovery. Following the earthquake in Haiti in 2010, O’Brien promised € 3.5 million to fund recovery efforts. In 2012 , President Michel Martelly of Haiti awarded the Order of Honor and Merit of O’Brien for his investments, achievements, and promotion to the region, and in 2015 O’Brien was awarded honorary membership for his service of the telecommunications industry in the country to the Order of Jamaica.

Digicel was involved in a big court struggle during the 2000s against the Jamaican Office of Utilities Control (OUR). The issue originally arose following Phillip Paulwell, the then Minister of Business , Trade and Technology of Jamaica, who instructed OUR to avoid intervening in Digicel’s pricing policies after DIGICEL had instructed itself to amend its interconnectivity charges.

Though Paulwell was ruled unconscious of having the power to give the instruction OUR, Digicel appealed the ruling without success at the Supreme Court of Jamaica, which overturning the ruling but was subsequently upheld by the Court of Appeal following a counter-appeal by OUR and at the Privy Council of Jamaica.

In January 2014 the telecommunications correspondent of the Financial Times wrote about O’Brien’s aim of extending Digicel to include mobile and fixed-line networks for the next generation, with O’Brien quoted as being inspired by the possibility of ‘a shift in world order.’

Actavo Study

In 2012 O’Brien acquired IBRC for €45 million from Siteserv, a provider of utilities; in 2015, it was renamed Actavo. Actavo was purchased and managed on the Isle of Man by the O’Brien business Millington.

In 2016, Actavo expanded to the United States by purchasing a structural engineering company, Atlantic Engineering Services. Actavo has assisted in the construction of Digicel’s fibre networks in the Caribbean.

Energy Topaz

In December 2013, O’Brien acquired the Irish Bank Resolution Company € 300 million in debt owed by Topaz Oil. In December 2014, Kendrick Investments, Topaz ‘s parent company , announced it will buy all of Esso ‘s Irish operations.

Alimentation Couche-Tard, a Canadian convenience store, announced in December 2015 that it was preparing to purchase Topaz. The sales were concluded in February 2016; Topaz employed over 2000 people and at the time of sale almost 35 percent of Ireland’s consumer market.

Career economic and financial

O’Brien, along with Bill Gates and George Soros, participated in the winter meeting of the World Economic Forum in Davos, Switzerland.

O’Brien was appointed Director of the Bank of Ireland in 2000 and Deputy Governor of the Bank in September 2005. In September 2006 he resigned as deputy governor as well as as a member of the court of the bank (board). O’Brien is said to have resigned because of increased demands in connexion with his foreign business interests.

Soccer

Between 2008 and 2016 O’Brien given up to € 12 million for paying salary of senior officials in the organisation, including Giovanni Trapattoni, to the Football Association of Ireland (FAI). O’Brien has been named Honorary Life Chairman of the Ireland Football Association (FAI) in 2018.

In 2006, O’Brien bought a 2.82% stake in Celtic F.C, based in Glasgow. Martin O’Neill, former boss. O’Brien officially increased its stake to 13 percent by June 2018.

Additional preferences

O’Brien acquired Planal SA in 1998, the holding company for the golf resort Quinta do Lago in Portugal.

O’Brien sponsored the 2003 World Summer Special Olympics Games, which he served as Chairman of the Organizing Committee and later as Chair of the Patrons Board.

O’Brien is a director of Concern Worldwide, a humanitarian relief agency, on the United States Board.

O’Brien worked in partnership with the Clinton Global Initiative (CGI). After the 2010 Haiti earthquake, O’Brien worked on reconstructing the Iron Market in Port-au – Prince along with the CGI Haïti Action Network and Digicel Haiti Foundation. O’Brien was elected Mayor Jean Yves Jason in 2010 Ambassador of Goodwill for the City of Port-au – Prince, Haiti who cited O’Brien’s disaster recovery assistance after the earthquake.

In 2012, O’Brien was awarded a Clinton Global Citizen Award by the former United States. President Bill Clinton, largely because of his contributions in disaster relief in Haiti. In the 18 months following the earthquake, he also contributed to the development of 50 primary and secondary schools. In September 2016, Republican President Donald Trump then sent an e-mail to condemn the relationship between Hillary Clinton and O’Brien, on which O’Brien refused to comment.

O’Brien was a Trilateral Commission member. O’Brien contributed €2.500 to the Irish presidential election campaign of independent candidate Mary Davis in 2011.

Relationship with the media

denis o'brien

denis o’brien

In 2012, O’Brien reportedly threatened Vincent Browne’s journalist and broadcaster for comments that O’Brien claimed were defamatory in Browne’s papers. The Sunday Independent dismissed the lawsuit as a “fear of financial disaster.”

In February 2013, O’Brien sued the Irish Daily Mail for defamation of his various storeys in RTÉ about relief efforts following the earthquake in Haiti. O’Brien won €150,000 from the court. The case was the first time since the defamation law in 2009 was enforced, a journalist had sought to use truthful opinion advocacy before a jury at the High Court.

In August 2015, Colm Williamson, the editor-in – chief of the satirical Waterford Whispers News website, received instructions from O’Brien to delete a satirical article about O’Brien. Lawyers for O’Brien have requested that Broadsheet.ie reproduce the article.

In 2019, O’Brien launched a campaign to defame the Sunday Business Post about the articles written in the March 2015 newspaper. The reports, which reported on a confidential Price WaterhouseCoopers (PwC) study to the Government on the disclosure of Ireland’s banks in 2008 in November 2008, listed O’Brien as one of Ireland’s 22 largest creditors in 2008.

O’Brien argued that the articles defamed him and hurt him and also alleged that the publishing was malicious. In the defendant’s favour, the jury ruled the case dismissed with a cost order against O’Brien.

Personal Life

O’Brien married Catherine Walsh in August 1997, who helped Communicorp develop into the Czech Republic and who used to be the marketing manager for independent radio sales. The couple ‘s got four kids.

O’Brien set up the Iris O’Brien Foundation in June 2000, named after his wife, through which he co-ordinates much of his philanthropic activities. UCD awarded an honorary doctorate to O’Brien in 2006.

Wealth and residences

Forbes predicts O’Brien ‘s fortune at around $3.2 billion by February 2020.

Some time after his purchase of Quinta do Lago in 1998, O’Brien sold his house in Dublin before the sale of Esat Telecom to BT in 2000 and established a primary residence in Portugal. Media reports have indicated that the move was instigated by an established capital gain tax exemption in the Irish-Portuguese tax treaty, which supposedly saved O’Brien approximately 63 million euros in tax.

During the flotation of Digicel on the New York Stock Exchange, O’Brien ‘s residential address was listed on a March 2006 filing to the Companies Registration Office (CRO) as Sliema, Malta. While O’Brien kept quiet about his change of address, the media reported that the lack of property or income taxation on the Mediterranean island was the main reason.

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Mo Ibrahim Networth

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Mo Ibrahim

Mo Ibrahim, full-time Mohammed Ibrahim (b. 1946, Sudan), Sudan-born British entrepreneur and philanthropist who founded one of Africa’s largest cellular telephony companies and established the Ibrahim multi-million – dollar Africa Leadership Achievement Award.

Ibrahim, the clerk’s uncle, grew up in Sudan. He moved to Egypt with his family to obtain an engineering degree from the University of Alexandria.

He went back to Sudan to work as an engineer for Sudan Telecom, the state-owned telecommunications company.

He moved to England in 1974 where he graduated from Bradford University in Electronics and Electrical Engineering and from Birmingham University in motive communications, where he also taught.

Early life

The Sudanese-British milliardaire businessman is Mohammed “Mo” Ibrahim, born on 3 May 1946 and born on 3 May 1946. It worked for many telecom companies before forming Celtel, which sold in 14 African countries had more than 24 million mobile subscribers.

After selling Celtel for 3,4 billion dollars in 2005, he founded the Mo Ibrahim Foundation to promote better governance in Africa and develop a Mo Ibrahim Index to assess the output of nations. He is also a member of the London Business School Regional Advisory Board for Africa.

In 2007, he introduced the Mo Ibrahim Award for African Leadership, awards $5 million for the initial payment and an annual life payment of $200,000 to African Heads of State providing their constituents with stability, health, education, and economic development, and democratically transferring power to the next generation. Ibrahim vowed to give charity at least half his wealth by entering The Donation Pledge.

According to the Billionaire List of Forbes 2011, Mo Ibrahim is worth $1.8 billion, making it the world’s 692nd richest individual. Mo Ibrahim was also chosen for the Period “Top 100” ranking in 2008, ranking first in the prominent Black Britons’ annual Powerlist.

He was born on 3 May 1946, of Nubian descent in north Sudan, the second of five children, four children being boys. When he was young, his family moved to Alexandria, Egypt, and Fathi Father was employed by a cotton company, and Aida’s mother was very eager to get a good education for all.

Ibrahim received a bachelor’s degree in electrical engineering from Alexandria University. He returned to Sudan and began working for Sudan Telecom, the telecommunications company. He moved to England and received a master’s degree in Electronics and Electrical Engineering at the University of Bradford and a Ph.D. in Mobile Communications from the University of Birmingham.

In 2007 Ibrahim received an honorary Ph.D. from the School of Oriental and African Studies of the University of London and an honorary Doctorate from the University of Pennsylvania in 2011.

In 2008, Ibrahim ranked first on the annual power list of the most powerful Black Britons, and is claimed to be the “most stronger Blackman in Britain.”

Ibrahim was for a time employed by British Telecom and was later appointed technical director of the British Telecom subsidiary Cellnet.

Ibrahim taught telecommunications undergraduate courses at Thames Polytechnic in the early 1980s, which later became Greenwich University.

In 1989 he founded MSI, a software and consulting business that was purchased by the Marconi Business in 2000. The company initially helped the wireless industry to establish its networks before mobile phones were pushed into the late 1990s. MSI hired 800 people, who had about 30% of its stock at the point of sale; Ibrahim says that he gave the workers stock as a bonus.

In 1998, MSI split into Africa MSI-Cellular Investments, later called Celtel.

After many years, when Celtel needed a long-term capital source, they thought about an IPO on a reputable stock exchange, such as the London Stock Exchange. When it became public that they considered a public bid, they were given several alternatives. Many of them wanted to purchase the business, and Ibrahim and his team agreed to sell Celtel to the mobile telecommunication company (now Zain) based in Kuwait in 2004.

Since 2010, Ibrahim has given funding to the Digital Development Broadband Committee, an effort by the UN to disseminate the full benefits of broadband networks to unconnected communities.

Mo Ibrahim Foundation

Mo Ibrahim

Mo Ibrahim

Ibrahim founded the Mo Ibrahim Foundation in London in 2006. The Foundation launched in 2007 the Mo Ibrahim Award for African Leadership, with former President Joaquim Chissano of Mozambique as its first recipient.

It publishes the Ibrahim African Governance Index, which rates all 54 African countries. Until 2009, the index only took account of the 48 Sub-Saharan African nations.

The Foundation runs bursary services at Birmingham University, SOAS, and the London Business School. These bursaries deal with International Development at the University of Birmingham, African Development Governance at SOAS, and an MBA at the London Business School. The bursaries are opened to African candidates, Master’s, and postgraduates alike.

Personal life

In 1973, Ibrahim married Hania Morsi Fadl, a graduate of Alexandria University, who he has known since his childhood. They are now divorced and Fadli is a Sudanese British radiologist who runs Sudan’s only breast cancer clinic.

There is a daughter, Hadeel Ibrahim, executive director of the Mo Ibrahim Foundation, vice president, Clinton Foundation board member, and two sons Hosh and Sami Ibrahim.

Ibrahim is living in the UK.

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