Carlos Slim, the richest person in the world, has increased his stake in the The New York Times Company, upping his ownership of Class A shares to 7.2 percent, up from 6.9 percent. Ad Age reports that increasing investments when the market is down is typical behavior for Slim; he even upped his stake in Saks Inc. the same day. You can do that kind of thing when you’re the richest guy on the planet.
The buy — about 553,000 shares at $6.83 to $7.09 — deepens Slim’s and the Times’ relationship, which goes back to late 2009, when Slim lent the struggling company $250 million (again, something you can do when you use $100 bills for napkins).
In July, the Times returned the favor by announcing they were repaying the debt early, so Slim upping his stake is just him — once again — showing his confidence in the paper.