A whopping insider buy just went down with shares in technology-focused listed investment company (LIC) Thorney Technologies Ltd (ASX: TEK). Perhaps more excitingly, the purchase was made by a rich lister who boasts a billion-dollar fortune built through investing.
Right now, the Thorney Technologies share price is 21 cents. It has fallen 51% year to date. That leaves the LIC with an $89 million market capitalisation.
For comparison, the benchmark All Ordinaries Index (ASX: XAO) has dropped 8% since the start of 2022.
So, which Aussie billionaire seemingly thinks now is a good time to buy into the ASX tech-focused share? Let's take a look.
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This insider just bought a million shares in their tech-focused LIC
Famous investor Peter Lynch is widely quoted as having said:
Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.
Thus, it might be a good sign that billionaire investor and Thorney Technologies chair Alex Waislitz snapped up another million shares in the LIC yesterday.
Waislitz, who has previously been dubbed 'Australia's Warren Buffett' by some, now boasts a 23% stake in the ASX-listed tech-focused investment company.
He paid 20.92 cents per share for his latest buy, forking out a total of $209,200.
Waislitz sits at number 91 on the Australian Financial Review's 2022 Rich List, commanding a $1.5 billion fortune.
He is also the person behind Thorney Investment Group, which is in turn the manager of the Thorney Technologies LIC. The group is Waislitz's private investment vehicle.
Among Thorney Technologies' major investments are Nitro Software Ltd (ASX: NTO), Imugene Limited (ASX: IMU), and Calix Ltd (ASX: CXL).
And yesterday wasn't the first time the billionaire bought into the ASX tech-focused share in December. He forked out $38,412 on 16 December to buy 192,062 shares in Thorney Technologies for 20 cents apiece.
