Billionaire Usmanov Takes $100 Million Stake in Apple
Billionaire Alisher Usmanov, who is the richest man in Russia and Britain, has bought a $100 million stake in Apple.
Usmanov, who is the world's 34th richest man according to Forbes magazine, has made some astute bets in the past. His Digital Sky Technologies (DST) made an early bet on Facebook and its young founder Mark Zuckerberg. DST went on to pocket $1.3 billion on that investment following Facebook's IPO in 2012.
Usmanov's bet on Apple follows a 40 percent decline in the company's shares on worries about slowing growth and the lack of another breakthrough product.
Usmanov is worth 13.3 billion pounds ($19.95 billion), making him the U.K.'s richest man, according to the recently released Sunday Times Rich List.