Russian billionaire Alisher Usmanov has revealed that he recently spent $100 million on Apple shares in anticipation that they will rebound. The 59-year-old believes that Apple is a “very promising” investment, despite the current share price being almost 40% off its peak last September.
Usmanov, who is the world’s 35th wealthiest man, made a more than ten-fold return on his investment in Facebook last May, and currently has a fortune worth $19.8 billion according to the Bloomberg Billionaires Index. He has also made money from investments in Alibaba and Russian Internet company Mail.ru.
Usmanov is anticipating yet another profit on his Apple shares.
“I believe in the future of this company even after Steve Jobs,” Usmanov said during an interview with Bloomberg. “When the company lost $100 billion of its market value, it was a good time to buy its shares, as the capitalization should rebound.”
“Nothing is eternal,” he added. “But for the next three years I believe Apple is a very promising investment, especially given large dividend payments and buybacks.”
Apple’s share price has quickly tumbled since reaching its peak last September, with investors concerned that its sales are slowing amid increasing competition from rivals like Samsung.
Many reports suggest, however, that the Cupertino company has some exciting products up its sleeve, with a low-cost iPhone and an “iWatch” tipped for 2013, and an Apple television in 2014. Apple is also expected to announce the iPhone 5S and new iPads this fall.