30 Apr '13, 9pm

Russian billionaire bets US$100m on Apple - The Business Times - Business Times (subscription) #AppleNews

Russian billionaire bets US$100m on Apple - The Business Times - Business Times (subscription) #AppleNews

[MOSCOW] ALISHER Usmanov, the Russian billionaire who made a more than 10-fold return from his investment in Facebook, said he recently spent about US$100 million buying Apple shares in anticipation they will rise. "I believe in the future of this company even after Steve Jobs," Mr Usmanov, 59, said in an interview at Bloomberg's Moscow offices, referring to Apple's late co-founder. "When the company lost US$100 billion of its market value, it was a good time to buy its shares, as the capitalisation should rebound." Apple shares are almost 40 per cent off their peak in September last year, partly reflecting investors' concern about slowing sales and profitability at the iPhone and iPad maker and intensifying competition with Samsung Electronics Co. Mr Usmanov, the world's 35th wealthiest man with a fortune at US$19.8 billion according to the Bloomberg Billionaires Index, a...

Full article: http://www.businesstimes.com.sg/specials/executive-money/...

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