Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Russia's Richest Man Dumps Apple and Facebook Shares to Invest in China

Russia's wealthiest businessman, Alisher Usmanov, has sold his shares in Apple and Facebook and is focusing investment on Chinese tech companies and the domestic market, a news report said Tuesday.

Usmanov recently sold his stake in Apple, which he bought for about $100 million last year, and has gradually cut down his share in Facebook, Ivan Streshinsky, head of the billionaire's asset-management firm USM Advisors LLC, told Bloomberg last week.

Seventy to 80 percent of the firm's investments in foreign Internet companies are now in China, Streshinsky said.

If the Russian stock market continues to fall, Usmanov's firm will expand its shares in wireless operator MegaFon and Internet company Mail.ru Group, he added.

"A crisis is always a good opportunity, as valuations become cheap," Streshinsky said.

Mail.ru Group on Tuesday announced the purchase of Bullion Development Limited, which in turn owns 11.99 percent of leading Russian social media site VKontakte.

Ivan Tavrin, Usmanov's long-term ally and business partner, is the beneficial owner of Bullion. Tavrin in December purchased a 12 percent share in VKontakte from one of the site's founders, Pavel Durov, which at that time gave Usmanov and his allies a share of approximately 52 percent in VKontakte, Reuters reported.

Following the latest purchase, that share has grown to almost 64 percent.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more