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Russian billionaire buys $100 million in Apple shares

updated 01:17 pm EDT, Tue April 30, 2013

Could boost confidence in Apple stock

The richest man in Russia, Alisher Usmanov, recently bought $100 million in Apple shares, Bloomberg reports. While cautioning that "nothing is eternal," he argues that Apple is a "very promising investment" for the next three years, pointing to the company's plan to return $100 billion to shareholders by 2015. Usmanov's $19.8 billion fortune is based mainly on two websites, Alibaba and Mail.ru, as well as a Facebook investment that yielded over 10 times his initial input.

Apple may need the help of rich investors to restore confidence in its stock. Shares hit $700 before the launch of the iPhone 5, but have since plunged hundreds of dollars, owing to concerns over factors like corporate shakeups, iPhone 5 shipments, and more conservative guidance for its financial results. It remains to be seen if new dividends and share buybacks will attract other major investors.



By Electronista Staff
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  1. Sebastien

    Registered User

    Joined: 04-29-00

    The rich get richer. Joy.

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