Bono's Facebook stake worth nearly $1 billion
According to reports, Bono stands to make a sizable profit if and when his investment firm’s
According to reports, Bono stands to make a sizable profit if and when his investment firm’s stake in Facebook pays out. The U2 frontman is set to make $1 billion (£611 million), thanks to his 2009 investment in the social network. Bono’s investment company Elevation Partners bought $210 million (£128 million) worth of shares in the social networking site in 2009. This week the site has been valued at $65 billion (£40 billion), implying that Bono and his company’s share of the business is now valued at a $975m (£595 million). This values the U2’s Elevation Partners’ stake at $975m – more than four times the $210m it paid in November 2009. Elevation Partners was valued at $50 billion (£30.5 billion) last December, before Facebook was revalued at $65 billion (£40 billion).
U2 were recently named the world’s highest-earning musicians by Forbes over Bon Jovi, Elton John and Lady Gaga, making $195 million (£120 million) over the previous 12 months. They have just finished their 360 world tour in Canada, grossing over $736 million (£447 million) in the process.
Source: Guardian
