U2 Star's Stake in Facebook Worth A Cool $1 Billion
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Wednesday, 17 August 2011 |
Written by Elliott Batte
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U2’s Bono has pocketed a massive amount of money, believed to be around $800million, after his investment company bought shares in Facebook in 2009.
Bono’s investment firm Elevation Partners apparently bought a stake in the social networking site two years ago for a tasty $210million – and now the same stake has been valued at a huge $975million. But believe it or not, the $975million share is less than 2% of the company, which has been re-valued at an astonishing $65billion this month.
The news comes just a two months after U2 were placed on top of the Forbes Top 25 Highest Paid Musicians of 2011, who had just finished their incredible two-year tour of the world, which earned them $195million in total – potentially meaning that Bono can now be considered a billionaire.
And that’s got to leave a smile on the singer’s face, especially after he was branded “the worst investor in America” by financial blog ’24/7 Wall Street’ last year after a series of investments by his firm that didn’t work out.
Interestingly, Elevation Partners invested $300million into Forbes in 2006, which as then valued at $750million. Since then, it’s worth has dropped to a meagre $100million.
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