Bono is set to be the recipient of a very tidy windfall through the increase in value of Facebook. His investment company, Elevation Partners, bought shares in the company back in 2009, when it was valued at about $9 billion, or roughly $20 a share.
Elevation Partners investment of $90 million (and not roughly $200 million or $30 a share as claimed by other sources) now sees their investment worth roughly $650 million on paper. Whoever said that the Irish blew their money on horses and booze?
U2 have just wrapped up their 360® World Tour which racked up around $750 million in proceeds, and saw the band named as the world’s biggest entertainment earners, making a cool $200 million in the previous 12 months according to Forbes magazine. This left pretenders like Bon Jovi, Elton John and Lady Gaga in their wake. Clearly with investments like this, Bono has finally found what he’s looking for.
Facebook’s value has risen exponentially as it now has in excess of 500 million users and despite claims of late that its rate of new users has flat lined, its value as possibly the most influential communications medium in the world see its worth continually rise, from $10 billion in May 2009 to $50 billion in January this year to an eye watering $65 billion at the moment.