At a place called Vertigo: Bono laughing as Facebook stake soars to vertiginous heights – $1bn to be precise.
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Elevation Partners, the investment company in which the U2 lead singer is a partner, stake in The Social Network has soared to near billion dollar heights after an initial investment of $210m in 2009, reports Daily Mail.
The Irishman’s company share in Facebook is now worth $975million – over a 400% rise in just two years.
This followed the recent sale by another Facebook investor, Interpublic, of its 0.4% stake for $133m, which pushes its value to soaring new heights.
Mark Zuckerberg’s Facebook is now rumoured to be worth up to $65bn – up from $50 billion and is said to be heading for an IPO early 2012.
Elevation, co- founded by former Apple CTO, Fred Anderson, has dipped its toes into tech ventures in the past, investing $480m (25%) in Palm phone maker, with less than elevated results.
However, the investors did make its money back after Palm was sold to Hewlett Packard last year.
Financial blog 24/7 previously branded Bono ‘the worst investor in America’ after a series of similar epic failures, which also included $300m investment in Forbes Media in 2006, now worth just around $100m and another in Move.com, whose values subsequently slumped 50%.
U2 are among the highest earning music artist in the world, according to Forbes – with revenues of $736m on the back of its global 360 tour and record sales over the last two years.
