Bono and the Edge see Facebook stake jump
Bono and the Edge have seen their stake in Facebook rise from a $210 million investment to a staggering $750 million valuation this week.
U2 frontman Bono is one of the founders of private equity firm, Elevation Partners, which owns a 1.5 per cent of the social networking site valued at $50 billion.
In June of last year Elevation partners invested $120 million on top of their initial $90 million investment and the timing couldn’t have been any better as a $500m investment In Facebook from Goldman Sachs and Russian firm Digital Sky Technologies followed shortly after.
Bono and the Edge were rolling in the mullah last year after Elevation Partners had a $460m investment in smartphone maker Palm which was sold to HP for $1.2 billion.