Mexican tycoon Carlos Slim says he will not give away shares to charity

Mexican billionaire Carlos Slim (above) says he will not give away his family's shares to charity like Facebook founder Mark Zuckerberg.
Mexican billionaire Carlos Slim (above) says he will not give away his family's shares to charity like Facebook founder Mark Zuckerberg.PHOTO: REUTERS

MEXICO CITY (REUTERS) - Mexican billionaire Carlos Slim said on Thursday (Dec 3) that he will not give away his family's shares to charity like Facebook founder Mark Zuckerberg.

Mr Zuckerberg announced earlier this week that he would donate 99 per cent of his Facebook shares, currently worth about US$45 billion (S$63.4 billion), to a new philanthropic project he will run with his wife.

When asked if he planned to give away his family's shares in his companies to his foundations, Mr Slim said no, though he added that his charitable projects do not have budget limits.

"Foundations do not solve poverty," he added, saying that employment is the key to eradicating poverty. "Employment requires that companies invest, so we don't need to give away companies, we need to create companies."

Mr Slim, speaking at an event in Mexico City, said that Mr Zuckerberg's plan was "very good" but governments already have the resources to address poverty and education issues.

"It's a problem of management and efficiency," he added.

Mr Slim, whose companies include telecoms giant America Movil, has given his foundations multi-billion-dollar endowments, but he did not name a figure for how much money he has donated.

"We see projects and results, we are not counting chilies," he said.