Irish pop singer Bono, has made a tasty profit from his shares in Facebook, raking in a profit of $800 million in just a few years.
His investment firm Elevation Partners, named after a U2 song spent $210 million on Facebook shares in November 2009. This stake in the company is now worth $975 million, which means he can stock up on new sunglasses for many years to come.
Bono hasn’t always had successful investments, when he lost hundreds of millions of dollars in Forbes Media, owner of Forbes magazine. Elevation Partners also invested a lot of money in mobile company Palm, and it looked bleak until Hewlett Packard bought them over.
This is a huge amount of money, but it pales in comparison to Mark Zuckerberg, who owns 24% of Facebook shares. which relate to a whopping $20.4 billion. If you want to see more, head to this webpage which has loads of juicy information. Dustin Moskovitz, a ‘former employee’ of Facebook has a 6% stake which is worth $5.1 billion for instance.
Kitguru says: It certainly is a ‘Beautiful Day’ for Bono and his company.