Russia's richest man takes a $100 million interest in Apple
Over the past few weeks, shares of Apple have been trading at 52-week lows. Earlier this month, shares of Apple dipped below US$400 a share for the first time since 2011. Shockingly, Apple had a P/E ratio lower than Dell's for a few days last week.
Over the past week, however, shares of Apple have rebounded nicely and are now trading in the $436 range. As for what's fueling the latest Apple rally, it's likely that the company's recently announced capital return program is being viewed rather favorably by investors.
One man who's particularly bullish on Apple future prospects is Alisher Usmanov, Russia's wealthiest man. Usmanov has an estimated net worth of $19 billion and recently invested $100 million in Apple, believing strongly that the stock will rebound.
"I believe in the future of this company even after Steve Jobs," Usmanov explained in 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."
Usmanov highlighted that Apple's intention to purchase back $60 billion of its own shares and increase its quarterly dividend make Apple a "very promising investment."
Previously, Usmanov enjoyed a 10-fold return on his 2009 investment in Facebook.
Lastly, and for any soccer fans out there, Usmanov happens to hold a large stake in London's Arsenal Football Club.
Subscribe to Newsletter
Software Updatesmore updates
- OS X Yosemite 10.10.2, iOS 8.1.3 updates now available
- Sports Illustrated 120 SPORTS channel comes to Apple TV
- Logic Pro X update brings AirDrop support, new effects, tools, and more
- Parallels Access 2.5 released, adds file manager, computer-to-computer remote access
- The Google Translate iOS app is about to get a lot smarter
- Dropbox adds file/folder renaming and Office document editing to iOS app