Slim Rumor Takes New York Times Stock on Fat Ride

Reports of billionaire buying company sends stock up

Carlos Slim is not buying the New York Times Company. At least not yet.

But rumors that the Mexican telecom billionaire investor and major Times shareholder was considering a bid sent the company’s stock on a bit of a ride on Monday.

Shares shot up 12 percent on talk of a potential Slim bid, and then fell when the 70-year-old tycoon’s spokesperson denied it, saying Slim wasn’t interested in buying the company.

The stock still closed up about 8 percent, or $11.75 per share.

Slim owns about 7 percent of New York Times Co. – 9,854,000 shares — which he bought in 2008. Last year, he loaned the Times $250 million to help pay off its then $1.1 billion debt.

Which means today’s little rumor earned him – admittedly rough math here — $8,375,900.