Usmanov’s Mail.ru Exits Facebook to Benefit From Stock Surge
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Billionaire Alisher Usmanov reduced his holding in Facebook Inc. as his Russian Internet company sold a stake for more than $525 million, taking advantage of a 57 percent jump in the stock’s price this year.
Mail.ru Group Ltd., controlled by Usmanov, said today it sold its remaining 14.2 million Facebook shares, about a 0.6 percent stake, in July and August. Shares of Menlo Park, California-based Facebook have rebounded this year, surging past the price set at last year’s initial public offering and valuing the company at $102 billion.