Carlos Slim Goes On $500 Million US Oil Stocks Selling Spree

Carlos Slim and his family are pocketing profits in US oil companies that have seen their shares surge recently as geopolitical tensions drive up gasoline prices.

Control Empresarial de Capitales, the Slim family’s investment vehicle, has sold about $497 million of stock in PBF Energy Inc. this year. It cut its stake by more than a third as the oil refiner’s shares almost doubled amid the US-Iran conflict, according to data compiled by Bloomberg.