World’s second richest man is now largest individual shareholder in New York Times

Carlos Slim,74,  Mexican billionaire business magnate, investor, philanthropist and world's second richest man with a net worth of US$73.1 billion as at 15th January,2015 now controls a 17% stake in the New York Times Company. Slim’s newly acquired stock makes him the company’s largest individual shareholder.

Technically, Slim owns only Class A stock, owners of which can vote for Class A directors, who are a minority on the company’s board of directors. Class B stock is reserved for members of the Sulzberger family, who still control the majority of seats on the company’s board.

Mr. Slim exercised warrants to acquire nearly 16 million shares of the company’s Class A stock at a price of over $6.36 a share, the company said, increasing his stake from 7 percent. He now owns nearly 28 million shares in total.