Carlos Slim is no longer the richest man in the world – it is now Bill Gates. (Photo/Getty Images )

Lately, good news is slim for billionaire Carlos Slim

A famous poet said April can be the cruelest month, but for billionaire and Mexican telecommunications mogul Carlos Slim, make that May.

Slim was toppled off his perch as the world’s richest individual by Microsoft founder Bill Gates on May 20th; Slim is now the second wealthiest man. Forbes contributor Dolia Estevez, however, says that is only part of Slim’s troubles.  The shares of Slim’s America Movil telecommunications empire had been dropping as Mexico passed an anti-monopoly bill to open up the telecommunications market.  As of last Friday, May 31st, Slim was worth $67.5 billion while Gates was at $69.8 billion.

Slim has been the target of protesters in the U.S. and Latin America who accuse his company of keeping prices high and of stifling competition.  One of Slim’s most vocal critics is  Two Countries One Voice, which recently interrupted Slim during a presentation in New York City.  Slim is fighting back, saying the organization is backed by his competitors, which the organization denies.  In Latin America, his Claro brand is facing an investigation, and Uruguay revoked a licensing permit for Claro, though the company is planning to appeal.

RELATED: Bill Gates takes back World’s Richest Man title from Carlos Slim

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