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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.
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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].
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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.
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