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Bono makes $1bn off Facebook

2011-08-17 10:01
 
Cape Town – Bono has reportedly benefitted from a wise investment in Facebook, as shares he purchased have quadrupled in two years.

According to the Belfast Telegraph and other sources, "In November 2009 Elevation Partners - a US investment firm in which Bono is a partner - paid $210m for a stake in the social networking giant. After another investor sold its stake in the company... Elevation Partners' stake is now valued at close to $1bn - or $975m to be precise."

Bono will likely welcome the news, after he was called the "worst investor in America" in 2010 by the publication 24/7 Wall Street.

In related news, it was estimated that the band U2 netted around $195m from their record-setting 360° tour.

Read more on:    u2  |  facebook  |  bono  |  music  |  celebrities
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