8 July 2013
Carlos Slim, the Mexican telecoms magnate who has become the world's richest man, is investing tens of millions of pounds in Shazam, the British digital music company. Mr Slim, whose net worth is estimated at $73bn (£49bn), is injecting $40m (£26.8m) through his wireless group, America Movil. The investment will see America Movil, which is the biggest mobile network in Mexico, become a significant minority shareholder in Shazam, which uses sophisticated technology to help users identify music and then proceed to buy the track with a single click. The deal represents a coming-of-age for Shazam, which has in the past struggled to convince many in the technology industry that it can make a sustained move into profitability.