Donald Trump might blame Carlos Slim for the allegations of sexual assault that mired the later parts of his campaign.
But Slim can now blame Trump’s election for shaving $5.8 billion from his net worth on Wednesday based on data from the Bloomberg Billionaire Index—and he may have more to lose if Trump makes good on his campaign promises.
After Trump won the electoral votes Tuesday, Slim shed 10.5% of his wealth—more than any other billionaire on the index on Wednesday—as his major stock holdings fell in value and the Mexican peso plunged as much as 13%.
One of Slim’s major holdings, Mexico-based telecom company America Movil SAB de CV, shed 9.7% since election day while trading on the Nasdaq,
Another of Slim’s major holdings, industrial and telecom company, Grupo Carso, fell 5.5% Thursday compared to election day in trading in Mexico. That came as the Mexican stock exchange also took a dip, with its benchmark index, the IPC, falling 19.9% on Wednesday before recovering part of its losses.
Investors have worried that policies the U.S. president-elect has proposed over the course of his campaign, such as imposing heavy tariffs on imports from the country’s southern neighbor, will damage Mexico’s economy. It’s part of the reason why the movements in the Mexican peso have correlated with Trump’s position in polls.