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.
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.