UK's richest man Alisher Usmanov sells his Facebook stake for $528m

Britain’s richest man Alisher Usmanov has sold his last 14.2m shares in Facebook for $528m after the stock price soared this year.

Usmanov sold his shares in July and August through his London-listed Mail.ru Group vehicle after the social network’s stock increased 57% this year and returned to its initial public offering (IPO) price. The sale is reportedly equivalent to a 0.6% stake.

In 2009, Mail.ru spent $200m for an unknown stake in Mark Zukerberg’s venture. At the time of the IPO, the group sold 20 million shares getting a $745m windfall. It then divested 23 million shares in October last year and reportedly netted around $460m.

Back in May, Usmanov saw more than £250m added to his £11.6bn fortune after Russian telecom Megafon announced dividend payouts.

Usmanov is also the richest man in Russia and owns a 30% stake in Arsenal Football Club. He owns a £48m London mansion as well as Sutton Place, the former Surrey home of the late oil baron J Paul Getty.