Alibaba Group Holding Ltd (NYSE:BABA) stock is up more than 65% from its IPO price of $68. But those who invested earlier in the e-commerce giant have raked in a lot more. Russian billionaire investor Alisher Usmanov of USM Holdings told CNBC during an interview that his investment in Alibaba is up “more than 500%,” though he declined to reveal the exact figure.
Usmanov’s stake in Alibaba ‘not big’
Usmanov said he had not sold any of his stake in Alibaba. According to Forbes, the tech investor is worth $18.5 billion. Alibaba was listed on the New York Stock Exchange in September in the biggest IPO in history. The Chinese company is expanding its footprints in international markets by launching the international version of its Taobao platform. Alibaba also plans to make its Singles’ Day an worldwide promotional event by 2019. More than 278 million shoppers placed orders worth $9.34 billion during this year’s Singles’ Day.