Carlos Slim Helú is once again the world’s richest person, thanks in large part to a sharp increase in telecom giant América Móvil’s share price both in U.S. and Mexican markets.

The Mexican tycoon bumped Microsoft cofounder Bill Gates from his perch as the world’s richest, a post Gates has held since May 2013.

The move happened on Tuesday when the value of Slim’s phone company América Móvil’s, his largest holding, rose 1% or $805.6 million, pushing his net worth to Forbes estimate of $79.6 billion, against Gates’s estimated $79.1 billion net worth.

América Móvil’s stock has been rising since the company announced plans last week to divest some assets to comply with Mexico’s new antitrust telecom regulations. It should be noted that the company’s shares jumped 10% on the NYSE the day following the breakup announcement.

Currently, Slim’s América Móvil controls 70% of the mobile phone market in Mexico, and 80% of landlines.

Source: www.forbes.com