Carlos Slim, the Mexican business magnate, has ended his collaboration with Elon Musk’s Starlink following a public dispute sparked by a post on X. The controversy began when Musk shared a post from an account named @WallStreetMav, which accused Slim of having ties to drug cartels in Mexico. The post referenced a New York Times article, claiming that Slim’s wealth was linked to these alleged connections. Musk’s repost, accompanied by a magnifying glass emoji, suggested that the allegations deserved scrutiny.
In the wake of this fallout, Slim’s telecom giant, América Móvil, announced a $22 billion investment to develop its own independent infrastructure over the next three years. This decision aims to bolster the company’s presence in Latin America’s competitive telecom market. América Móvil’s CEO, Daniel Hajj, confirmed the termination of its partnership with Starlink during a recent analyst conference.
Carlos Slim is a Mexican billionaire worth over $70 billion. He is the largest shareholder in publicly traded shares of The New York Times.
He also is known to have significant ties to the drug cartels in Mexico. You don’t become a billionaire in Mexico without being part of the… https://t.co/9JelksZRJA
— Wall Street Mav (@WallStreetMav) January 23, 2025
Slim also revealed that the $22 billion originally earmarked for Starlink projects would now be allocated to companies in China and Europe
The move has significant implications for both parties. For Musk, the loss of América Móvil as a partner represents a financial setback estimated at $7 billion. América Móvil, the seventh-largest mobile telecom operator globally, had previously considered partnerships with Starlink and AST SpaceMobile to expand satellite connectivity in underserved rural areas. The company’s CFO, Carlos García Moreno Elizondo, highlighted the importance of improving service quality and reducing costs through such collaborations.
— Elon Musk (@elonmusk) January 23, 2025
Carlos Slim, with a net worth of around $82 billion, is one of the world’s richest individuals. His conglomerate, Grupo Carso, oversees major companies like Telmex, América Móvil, and Grupo Financiero Inbursa. The decision to sever ties with Starlink underscores the intense competition in the telecommunications industry and the high stakes involved in global business partnerships.
