Connect with us

Hi, what are you looking for?

Jewish Business News

Money

Richest Man In Russia Makes 500% Gain In Alibaba

Alisher Usmanov

 

Russia’s richest man has made a killing on Alibaba. Alisher Usmanov’s investment in the Chinese tech giant has risen over 500%, and he isn’t taking any of the top, but letting the investment run, according to CNBC.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.

Usmanov is worth over $18.5 billion. The IPO of Alibaba was the largest in history, and raised $25 billion with a 38% upside on the day of its offering.

Usmanov’s investment management operation, USM, reduced its holdings in Facebook to prepare for Alibaba. “I admire Facebook, but I said ‘arrivederci‘ on Facebook.’ Usmanov said since Chinese tech is working so well for him, he will look for more opportunities.

Newsletter



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Life-Style Health

Medint’s medical researchers provide data-driven insights to help patients make decisions; It is affordable- hundreds rather than thousands of dollars

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

History & Archeology

A groundbreaking discovery in the Manot Cave in the Western Galilee, Israel has unearthed the earliest evidence in the Levant (and among the world's...