U2’s front man has made a profitable investment with his Facebook stake, which is now valued at almost $800 million.
Bono’s private equity firm, Elevation Partners bought its share in the social networking giant for $210 million in November 2009, but it’s estimated value has increased to $975 million. The Dublin-born rock icon serves as the Managing Director and Co-Founder of Elevation Partners.
Mark Zuckerberg’s social network platform has been valued at $65 billion, an increase of over $10 billion in the last eight months.
The Inter republic group, an advertising and marketing giant just sold half of its 0.4 percent share in Facebook for $133 million, which has increased the value of the site to more than $65 billion.
Speaking about selling a proportion of their investment, Michael Roth, Interpublic Group chief executive said an "attractive opportunity" to sell some of their stake presented itself and it "made sense" to do so.
Forbes named Irish rockers U2 as one of the world’s highest payed musicians earlier this year, with profits of around $195 million from their combined record sales and concert tickets over the last two years.
Bono's company buys $120 million stake in Facebook
U2’s Bono praises former president George Bush on Letterman
Bush says he was won over by Bono's 'genuine faith'
The top 300 Irish family names explained