Elevation Partners investment in Facebook looks to have reaped rewards
The investment vehicle involving Bono has seen the value of their Facebook stake increase dramatically.
The Hot Press Newsdesk, 17 Aug 2011
He may have been dubbed "the worst investor in America" by 24/7 Wall Street last year but it looks like Bono will be having the last laugh.
Back in November 2009, the investment firm Elevation Partners, of which Bono is a partner, secured themselves a $210m for a stake in Facebook. A wise investment, as the site has grown to become the social networking giant, both ubiquitous and highly profitable. Elevation Partners' stake is now valued at close to $1 billion ($975m).
That signals a 400 per cent increase in the value of the site and shows Mr. Hewson was on the money (literally) when he took he took the plunge two years ago.
In other U2 news, Killing Bono will see a DVD/Blu Ray release on August 26.
Adapted from former Hot Press-er Neil McCormick’s I Was Bono’s Doppelganger memoir, it tells the story of a Dublin band who repeatedly snatch defeat from the draws of victory as their old schoolmates U2 become the biggest band on the planet.
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