TLP: Bono May Have Found What He Was Looking for – on Facebook
It wasn't that long ago that Bono was being mocked as "the worst investor in America" for the stake Elevation Partners took in Palm. The rap was that Palm was a loser in the smartphone market dominated by iPhone, BlackBerry and Android devices.
Things are better now for Bono the investor and he probably doesn't care what kind of smartphone you use, as long as you "Like" Facebook. Forever.
U2 frontman Bono's investment firm could be looking at a profit of almost $800m on its stake in Facebook, it has emerged.Turns out too much is not enough.
The social networking site has just been valued at an eye-popping $65bn - up from $50bn in January - following the sale of a stake by advertising and marketing giant Interpublic Group.
Interpublic was an early investor in Facebook and has just sold half of its 0.4% share in the group for $133m (£81m), valuing the site at more than $65bn.
This values the U2's Elevation Partners' stake at $975m - more than four times the $210m it paid in November 2009. ...
Facebook is now one of Elevation's stellar investments. When it bought the stock - which is difficult to get hold of - the company was hot but worth a relatively "meagre" $9bn.