Billionaire Alisher Usmanov bets on Apple’s growth

MOSCOW: Alisher Usmanov, the Russian billionaire who made a more than 10-fold return from his investment in Facebook (FB), said he recently spent about $100 million buying Apple Inc shares in anticipation they will rise.

“I believe in the future of this company even after Steve Jobs,” Usmanov, 59, said, referring to Apple’s late co-founder. “When the company lost $100 billion of its market value, it was a good time to buy its shares, as the capitalisation should rebound.” Apple’s stock is almost 40% off its peak in September last year, partly reflecting investors’ concern about slowing sales and profitability.

“For the next three years, I believe Apple is a very promising investment,” Usmanov said.