U2 frontman Bono’s investment firm Elevation Partners could be looking at a profit of almost $800m on its stake in Facebook, it has been reported. It’s now valued at $975m – more than four times the $210m it paid in November 2009
Facebook has just been valued at a mind boggling $65bn – up from $50bn in January – this after the sale of a stake by advertising and marketing giant Interpublic Group.
The Guardian writes that Interpublic was an early investor in Facebook and has just sold half of its 0.4% share in the group for $133m (£81m), valuing the site at more than $65bn.
Back when Elevation first but Facebook stock the company was hot but worth a relatively “meagre” $9bn.
Bono’s good fourtune comes on the tail of earlier news this year where Forbes named U2 as one of the world’s highest paid musicians. Over the last two years the band have taken in $736m – and profits of around $195m – from record sales and concert receipts!