RaceCars

Carlos Slim Checking Out Formula One Race Team

Filed under: Luxury Cars & Autos, Wealth

In our continuing look at the moves of savvy billionaires, it's hard not to notice that Carlos Slim, the Mexican telecommunications billionaire is taking advantage of the economic downturn. Slim made news in November for picking up 29 million shares of Citigroup for around $150 million and Blogging Stocks reported that he also boosted his stake in luxury retailer Saks buying nearly 7.6 million shares of the company over a four-day period.

Slim's latest move may be one even closer to his heart. Slim, has been spotted visiting the UK headquarters of the Honda Racing F1 team,. Motor Authority reveals that a takeover by Slim would boost the chances of GP2 driver Bruno Senna, who is backed by the Telmex subsidiary Embratel, Slim's company. Other suitors for the beleaguered team include Force India's Vijay Mallya, a Swiss hedge fund and Greek shipping tycoon Achilleas Kallakis. Slim is known for savvy investments and so his interest in the racing team indicates he sees a future in a sport that is currently plagued by economic worries.

Gallery: Big Spenders In A Bad Economy