Billionaire Facebook Backer Buying Commodities That Made Him
- Russia’s Usmanov doesn’t plan new investment in tech companies
- Rebound in miners shows potential for returns in raw materials
Russian billionaire Alisher Usmanov on April 6.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
The Russian tycoon who made $1.4 billion with an early bet on Facebook Inc. and still owns a stake in Uber Technologies Inc. is returning to the sooty old commodities industry that first made his fortune.
Alisher Usmanov, 63, said he’s been investing in natural-resource producers as they rallied last year following three years of declining prices. The Bloomberg World Mining Index of shares jumped 38 percent in 2016 as concerns eased over China’s economy and prices for metals rose, with companies such as Fortescue Metals Group Ltd., BHP Billiton Ltd. and Anglo American Plc surging.