Bono company Elevation Partners loses $650 million as Facebook shares plummet
Value drops from over $1.3 billion to half that as IPO fallout continues
Elevation Partners, a fund that includes U2 singer Bono as one of its investors, has dropped its shares in Facebook, once valued at $1.3bn and now valued at $650m, as the social media company's stock continues to plummet, reports the Herald.
When Facebook went public three months ago, its founder, 28-year-old Mark Zuckerberg became the 23rd richest man on earth with a fortune valued as €15bn. That has number has now almost halved, knocking Zuckerberg off the list of the world's top 10 wealthiest technology entrepreneurs as determined by this month's Bloomberg Billionaires index.
Investors worry that the shares, which hit a record low last week, may drop even further, and investors, who had been blocked from selling shares until now, are debating whether to sell at the current price or take a wait and see approach and hope for the prices to turn around.
According to the Herald, PayPal co-founder Peter Thiel, a backer of Facebook in its infancy, has recently converted all his shares, whose value has dropped from over e800m to e453m, to a form that can easily be sold.
The investors holding the 271 million shares in Facebook were free to sell them for the first time on Thursday due to a 90-day rule to prevent insider trading.
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Celebrate Christmas but not a Christian !! Emm....isn't celebrating Christmas about christianity, otherwise change the word...Virginia governor slammed by doctor over plain cigarette pack rejection
Proud C2, I quit 38 years ago. But unlike you liberals I do not wish to control everyones lives. I people want to smoke, have at it. It is called choiVirginia governor slammed by doctor over plain cigarette pack rejection
I wonder if the Governor of Virginia put up similar protests on behalf of his constituents when the slave trade was outlawed everywhere else but his mGay teacher fired from Catholic school after applying for same-sex marriage license
Stevenstar , I live in Ireland and I can emphatically say that 75% of Irish people do NOT believe in gay "marriage " . The idea is regarded