Russian billionaire’s stake in China’s Alibaba Group yielded a 500 percent return, CNBC quoted Alisher Usmanov as saying.
The IT and telecom mogul didn’t disclose the size of investment but added he didn’t sell the shares during Alibaba’s IPO.
Usmanov also has a stake in Xiaomi, a promising smartphone producer.
Russia-IC: Alisher Usmanov has long been known as the poorest billionaire among Russian tycoons. In 2005 the Forbes magazine estimated his fortune at 1 billion dollars, though some of his assets were not revealed then. In 2007 the Finance Magazine ranked Alisher 14 on the list of the richest people of Russia claiming he has got 7 billion dollars. His 2012 net worth is estimated by Forbes at $18.1 billion placing him on top 1 position among Russian billionaires.
Author: Mikhail Vesely