Billionaire Alisher Usmanov sold his stakes in US tech giants Apple and Facebook, Bloomberg reported citing Ivan Streshinskiy, head of Usmanov’s asset-management company USM Advisors LLC. Early 2014, Usmanov sold off his Apple stocks worth around $100 million purchased in March last year, according to Streshinskiy.
The sale of Apple’s shares follows a gradual reduction of Usmanov’s stake in Facebook. The tycoon bought a 10% stake in Facebook in 2009 when the website business’ value was ranging from $6 billion to $10 billion. Then he sold some of his shares for $104 billion when Facebook went public in May 2012.
Currently, Chinese companies account for 70-80% of Usmanov’s portfolio for foreign internet companies, said Ivan Streshinsky. The tycoon’s main investments include China's largest e-commerce company Alibaba and online shopping service Jingdong Mall. Both companies are ready to hold initial public offering. After IPO, Alibaba’s valuation might rise to an average of $153 billion and DJ.com might be valued at more than $20 billion. Apart from technology investments in China, Alisher Usmanov may consider buying more shares of wireless operator OAO MegaFon and Internet company Mail.ru Group Ltd. “Mail.Ru and MegaFon revenue is coming from Russia and people won’t stop making calls and using the Internet,” Streshinskiy said. “If the events will further escalate, we will be buying shares. Crisis is always a good opportunity as valuations become cheap.”
Alisher Usmanov is Russia’s richest man, according to the Bloomberg Billionaires Index. Forbes estimated his wealth at $18.6 billion in early March. The iron, steel and mining tycoon holds most of his assets in Metalloinvest Holding Co., iron ore business.