Carlos Slim Cost Elon Musk Millions
- The rivalry between two of the world's most influential entrepreneurs, carlos Slim and Elon Musk, has taken a dramatic turn, shaking the technology and telecommunications market in Latin...
- The mexican magnate's decision to cancel an agreement with Starlink, Musk's satellite internet company, not only halted the expansion of this technology in the region but also cost...
- Throughout 2024, América Móvil, Slim's telecommunications giant, was negotiating an alliance with Starlink to distribute its services in Latin America.
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Carlos Slim vs.Elon Musk: Billion-Dollar Fallout in Latin America
Table of Contents
- Carlos Slim vs.Elon Musk: Billion-Dollar Fallout in Latin America
- Carlos Slim vs. elon Musk: Billion-Dollar Fallout in Latin America
- How much money Did Elon Musk Lose?
- Elon Musk criticized Carlos Slim
- Frequently Asked Questions: Carlos Slim vs. Elon Musk
- Why did Carlos Slim cancel the Starlink agreement?
- How much money did Elon Musk lose due to the canceled agreement?
- What was the impact of the cancellation on Starlink in Latin America?
- What is América Móvil’s plan following the split with Starlink?
- What were Elon Musk’s comments about Carlos Slim?
- What sources reported on this conflict?
- Were there any other factors influencing Slim’s decision besides Musk’s comments?
- What is the timeline of events in the Carlos Slim-Elon Musk conflict?
- How does this reflect on Starlink’s Broader Strategy?
- Summary of Key Events
March 10, 2025
The rivalry between two of the world’s most influential entrepreneurs, carlos Slim and Elon Musk, has taken a dramatic turn, shaking the technology and telecommunications market in Latin America.
The mexican magnate’s decision to cancel an agreement with Starlink, Musk’s satellite internet company, not only halted the expansion of this technology in the region but also cost the owner of Tesla billions of dollars.
Throughout 2024, América Móvil, Slim’s telecommunications giant, was negotiating an alliance with Starlink to distribute its services in Latin America. However, Slim decided to backtrack and instead announced a $22 billion investment to deploy its own fiber optic infrastructure and communication towers over the next three years. This strategic move left Starlink without its main partner for faster penetration in the region.
How Much Money Did Elon Musk Lose?
The news of the agreement’s collapse directly impacted Musk’s fortune. Shares of his companies, especially Tesla, plummeted after the announcement, causing an estimated $7.5 billion loss in his net worth. Investors interpreted Slim’s decision as a brake on Starlink’s growth in emerging markets,which affected confidence in the satellite project.
Elon Musk Criticized Carlos Slim
The relationship between the two tycoons also strained outside of business. Musk suggested on social media that Slim might have links to illicit activities in Mexico, which fueled the Mexican businessman’s decision to cut ties with Starlink. Even though Slim did not respond publicly, his determination to boost his own infrastructure without relying on Musk was a clear message of independence and power.
On February 24, 2025, Elon Musk shared a post on his social network stating that Slim could have ties to criminal groups. Five minutes later,Carlos Slim canceled all business collaborations with Starlink in Latin America,which made Musk lose 7 billion US dollars.
An hour later, Slim announced that he would transfer his projects for the next 5 years with Starlink, an investment of 22 billion dollars, to …
According to Advanced Television on March 3, 2025, President Donald Trump’s negative comments on Mexico, endorsed by Elon Musk, seems to have upset Carlos Slim, one of the richest people in the world and who heads up Mexico’s América Móvil telco.
Slim’s company, América Móvil, had previously announced …
the relationship between the magnates Carlos Slim,owner of the telecommunications giant América Móvil,and Elon Musk,CEO of SpaceX and Tesla,suffered a strong shock recently.
Carlos Slim vs. elon Musk: Billion-Dollar Fallout in Latin America
March 10, 2025
The rivalry between two of the world’s most influential entrepreneurs, Carlos Slim and Elon Musk, has taken a dramatic turn, shaking the technology and telecommunications market in Latin America.
The Mexican magnate’s decision to cancel an agreement with Starlink, Musk’s satellite internet company, not only halted the expansion of this technology in the region but also cost the owner of Tesla billions of dollars.
throughout 2024, América Móvil, Slim’s telecommunications giant, was negotiating an alliance with Starlink to distribute its services in Latin America. However, Slim decided to backtrack and instead announced a $22 billion investment to deploy its own fiber optic infrastructure and communication towers over the next three years. This strategic move left Starlink without its main partner for faster penetration in the region.
How much money Did Elon Musk Lose?
The news of the agreement’s collapse directly impacted musk’s fortune. Shares of his companies, especially Tesla, plummeted after the proclamation, causing an estimated $7.5 billion loss in his net worth. Investors interpreted Slim’s decision as a brake on Starlink’s growth in emerging markets, which affected confidence in the satellite project.
Elon Musk criticized Carlos Slim
The relationship between the two tycoons also strained outside of business.Musk suggested on social media that Slim might have links to illicit activities in Mexico, which fueled the Mexican businessman’s decision to cut ties with Starlink.Even though Slim did not respond publicly, his determination to boost his own infrastructure without relying on Musk was a clear message of independence and power.
On Febuary 24,2025,Elon Musk shared a post on his social network stating that Slim could have ties to criminal groups.Five minutes later,Carlos Slim canceled all business collaborations with Starlink in Latin America,which made Musk lose 7 billion US dollars.
An hour later, Slim announced that he would transfer his projects for the next 5 years with Starlink, an investment of 22 billion dollars, to …
According to Advanced Television on March 3, 2025, President Donald Trump’s negative comments on Mexico, endorsed by Elon Musk, seems to have upset Carlos Slim, one of the richest people in the world and who heads up Mexico’s América Móvil telco.
Slim’s company, América Móvil, had previously announced …
The relationship between the magnates Carlos Slim, owner of the telecommunications giant américa Móvil, and Elon Musk, CEO of SpaceX and Tesla, suffered a strong shock recently.
Frequently Asked Questions: Carlos Slim vs. Elon Musk
Why did Carlos Slim cancel the Starlink agreement?
Carlos Slim canceled the agreement with Starlink due to a combination of factors, including:
- Elon musk’s Criticism: Musk suggested on social media that slim had ties to illicit activities in mexico.
- Strategic Decision: Slim opted to invest $22 billion in building América Móvil’s own fiber optic infrastructure and communication towers.
- Message of Independence: Slim wanted to show independence and power in the telecommunications market.
- Possible Frustrations: Reported frustrations with negative comments about Mexico made by others (i.e. donald Trump), implicitly supported by Elon Musk.
This decision allowed América Móvil to control its own infrastructure and avoid reliance on Starlink for expansion in Latin america.
How much money did Elon Musk lose due to the canceled agreement?
Elon Musk’s net worth reportedly decreased by an estimated $7.5 billion after Carlos Slim canceled the agreement with Starlink. This loss was primarily due to the drop in the stock prices of Musk’s companies, particularly Tesla, as investors worried about Starlink’s diminished growth prospects in emerging markets.
What was the impact of the cancellation on Starlink in Latin America?
The cancellation of the agreement considerably hampered Starlink’s expansion plans in Latin America. América Móvil was poised to be Starlink’s main distribution partner in the region,and without this alliance,Starlink faced challenges in penetrating the market and reaching a wider customer base. this led to concerns about the company’s projected growth in emerging markets.
What is América Móvil’s plan following the split with Starlink?
Following the termination of the Starlink agreement, América Móvil announced a $22 billion investment to build its own fiber optic infrastructure and communication towers over the next three years. This plan aims to solidify América Móvil’s position as a leading telecommunications provider in Latin America by offering enhanced services and broader coverage without relying on external partnerships.
What were Elon Musk’s comments about Carlos Slim?
Elon Musk allegedly suggested on social media that Carlos Slim had links to illicit activities in Mexico. These comments contributed to the strained relationship between the two tycoons and ultimately fueled Slim’s decision to terminate business collaborations with Starlink.
What sources reported on this conflict?
The data about the conflict between Carlos Slim and Elon Musk was reported by several sources, including:
- Record.com.mx: A source for initial reporting about the business fallout.
- Advanced Television: Reported on President Donald Trump’s comments impacting Carlos Slim’s decisions.
Were there any other factors influencing Slim’s decision besides Musk’s comments?
According to Advanced Television report, negative comments made by President donald Trump about Mexico and seemingly endorsed by Elon Musk also played a role in Slim’s decision. These comments added to the growing tension between the two businessmen and further motivated Slim to pursue self-reliant infrastructure development.
What is the timeline of events in the Carlos Slim-Elon Musk conflict?
Here’s a brief timeline:
- 2024: América Móvil and Starlink negotiate an alliance for Starlink’s distribution in Latin America.
- February 24, 2025: elon Musk makes a social media post suggesting Carlos Slim has ties to criminal groups.
- February 24, 2025: Carlos Slim cancels all business collaborations with Starlink in Latin America.
- February 24, 2025: Slim announces a $22 billion investment in América Móvil’s own infrastructure.
- March 3, 2025: Advanced Television reports on President Donald Trump’s comments and their impact on Carlos Slim’s decision.
How does this reflect on Starlink’s Broader Strategy?
This disagreement highlights possible challenges for Starlink’s global growth strategy.Reliance on local partnerships, as initially attempted with America Movil, can be a fast way to penetrate emerging markets. This case showed the reliance can pose risk where business relationships suffer outside influence from opinion or conflict.
Starlink’s strategy moving forward might focus more on direct sales and customer acquisition, or developing relationships with government regulators , instead of relying solely on deals with large established corporations.
Summary of Key Events
| Event | Date | Impact |
|---|---|---|
| Musk’s Social Media Comments | February 24, 2025 | Strained relationship between musk and Slim |
| Slim Cancels Starlink Agreement | February 24, 2025 | Starlink’s expansion in Latin America is hindered, Musk loses $7.5 billion |
| América Móvil Announces Investment | february 24, 2025 | $22 billion investment in independent infrastructure |
| Advanced Television Report | March 3, 2025 | Further context on factors influencing Slim’s decision |