Speed Reads


Trump's win cost Mexico's richest man $5.1 billion

Donald Trump's victory was bad news for more than just Hillary Clinton's supporters. Bloomberg reported that, at the opening bell Wednesday morning, the collective wealth of the world's billionaires was down $41 billion as the shock of Trump's win roiled the markets. Earlier in the week, when Clinton looked poised for a victory, the world's richest saw their wealth increase by a collective $57 billion.

Carlos Slim, Mexico's richest man and the fifth-richest person in the world, was hit particularly hard by the news of Trump's impending victory. As the peso plummeted "as much as 12 percent on the news" of Trump's win, Bloomberg reported that Slim lost $5.1 billion — about 9.2 percent of his wealth.

In brighter news, the markets opened higher than expected Wednesday after taking a nosedive Tuesday night. And as Money magazine pointed out, the losses of the world's wealthiest weren't as bad as they were after the U.K.'s Brexit vote, when their collective wealth plunged $212 billion.