Not much for Bono to like as Facebook shares plummet
Assuming that he’s down with the lingo, we’re pretty sure Bono will not ‘like’ the fact that his company’s value has dropped by half a billion euro because of plummeting Facebook shares.
Now that the obligatory and quite corny Facebook pun is out of the way we can get down to serious business and it is pretty serious for the U2 singer after it was revealed that the worth of the holding of his company, Elevation Partners, has dropped by €513 million since Facebook was floated on the stock exchange in May.
Shares in the wildly popular social networking site initially went on offer at €31 when it was floated on the stock exchange by CEO Mark Zuckerburg in May, but they were down to €15 yesterday.
According to The Sun, Elevation was given permission to sell off some of its investment on Thursday after the end of the ‘lock up’ period designed to prevent too many shares going on sale and driving down the price in the process, but Elevation are expected to hang on to the majority of its 2.3 per cent share in the company.
“It certainly wouldn’t be in the shareholders’ best interest to dump the shares on the market all at once,” one stockbroker is quoted as saying in the red-top.
How the plummeting stock affects Bono individually is unclear, but he’s believed to own a considerable stake in the company so any figure lost is bound to be what Homer Simpson might call a fairly spicy meatball.
However much he’s lost, somehow we have a suspicion that he’ll have enough left to pay the bills, put food on the table and buy another pair of those ubiquitous sunglasses at the end of the week.