While Apple was crashing, Russian billionaire Alisher Usmanov was buying.
He told Bloomberg he bought $100 million worth of Apple as it fell, though he didn’t specify where he bought in.
He explained the investment, saying, “I believe in the future of this company even after Steve Jobs … When the company lost $100 billion of its market value, it was a good time to buy its shares, as the capitalisation should rebound.”
He also said, “for the next three years I believe Apple is a very promising investment, especially given large dividend payments and buybacks.”
Usmanov is well-known in the tech industry for investing in Facebook when it was valued at $6.5 billion in 2009. That investment netted him a $1.4 billion return, according to Bloomberg.
Apple’s stock, which had been getting wrecked, appears to be making a slow comeback now that investors have digested all the news from its earnings report.