- Music
- 17 Aug 11
The investment vehicle involving Bono has seen the value of their Facebook stake increase dramatically.
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.
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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.