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Tuesday, 16 August 2011 11:48

U2 frontman Bono to make millions in Facebook

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Elevation Partners stake valued at $975 million
Although he might be best known as the voice behind iconic hits like Sunday Bloody Sunday and Where the Streets Have No Name, U2 singer Bono is proving to be a top notch investor.

Dating back to 2009, private equity firm Elevation Partners made several investments in Facebook, valued at about $210 million. However, thanks to Facebook’s meteoric rise, the stake is now valued at about $975 million, more than four times its original worth in just under two years.

Named after one of U2’s more recent hits, Elevation Partners is controlled by a handful of investors who founded it back in 2004. Bono is just one of them and it is unclear what stake he has in the firm.

However, we doubt Bono will give up his singing career anytime soon, either. Forbes estimates U2 made over $900 million in just two years, making it one of the highest paid bands on the planet. It seems those city lights really do shine in silver and gold, literally.

More here.
Last modified on Tuesday, 16 August 2011 12:30

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