Russian Billionaire Bets $100 Million On Apple

Warren Buffett once said, “In the business world, the rearview mirror is always clearer than the windshield.” Russian billionaire Alisher Usmanov must certainly be enjoying the view then, as his early investment in Facebook netted him a $1.4 billion return. Now Usmanov is betting on Apple. Russia’s richest resident recently told Bloomberg he bought $100 million in Apple shares as Cupertino’s stock was falling, although he didn’t specify at precisely what point he bought in.

“I believe in the future of this company even after Steve Jobs,” Usmanov, 59, told 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.”

If Apple rebounds, Usmanov will be rewarded handsomely for his foresight. With its stock down almost 40 percent from its September 2012 peak, Apple has plenty of room to grow, and Usmanov is confident in Cupertino’s future.

“Nothing is eternal,” he said. “But for the next three years I believe Apple is a very promising investment, especially given the large dividend payments and buybacks.”

Usmanov may soon be smiling into his rearview mirror once again, according to recent Apple numbers. Shares are up nearly $40 since its April 23 earnings report—an almost 10-percent increase.