What changed this month
In October, Slim stepped up his Talos selling while a flare-up in Middle East tensions lifted crude to nearly a five-month peak. He moved about $252 million of Talos stock this month, nearly three quarters of his Talos cash-out for 2024, while the shares climbed to their strongest level in more than three years.
How the selling unfolded
On PBF, he has unloaded roughly $820 million worth of shares across more than 100 trading sessions this year. The timing has favored him: PBF has jumped more than 170% and set a fresh record this month, enabling sales at progressively higher prices. He first entered PBF in 2019, and four years later picked up Talos when its Mexico operations faced regulatory pressure.
Grupo Carso, another Slim vehicle, invested in Talos as well by acquiring nearly 50% of its Mexico subsidiary. During a 2024 market downdraft, he added to both positions.
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Who is making the moves and what remains
The transactions ran through the family's investment arm, Control Empresarial de Capitales, which he co-owns with his six children. Arturo Elias Ayub, his spokesperson and son-in-law, offered no comment, and in April he told Bloomberg it was "a good moment to sell at a good price." Shares of both companies have risen further since. He began the year holding close to one quarter of each company, and now sits near 11% of PBF and about 13% of Talos. Despite cutting the stakes roughly in half, the two positions together are worth about $1.4 billion - about where they stood when 2024 kicked off.
What this means for your portfolio
At 86, Slim remains Latin America's wealth leader with about $124 billion, per the Bloomberg Billionaires Index, with most of it tied to America Movil. Oil has become a key cash machine for him this year: he turned rising energy prices into liquidity while his residual stakes kept pace in value with where the year started.
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