Wednesday, August 17, 2011

Bono's Facebook stake worth nearly $1bn

Elevation Partners 'stake is now valued at $ 975 - more than four times the $ 210m it paid in November 2009

U2 frontman Bono 's investment company could seek a profit of nearly $ 800 million to its investment in Facebook, has been found.

The social networking site has just estimated at eye-popping $ 65 billion - up from 50 billion dollars in January - after the sale of a share of 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.

These values ??of U2 's Elevation Partners' game at $ 975 - paid more than four times the $ 210m in November 2009.

Interpublic Group Chief Executive Michael Roth said a "an attractive opportunity to" to some of the shares had imagined it and sell "sense" to do.

IPG did not reveal the number of shares it is selling but said that the sell-off would see a pre-tax gain of about $132m.

Facebook is now one of the Elevation 's stellar investments. When it bought the stock - that's hard to get hold of - the company was hot, but worth a relatively "lean" $ 9 billion.

In June last year it was worth $ 23 billion in December last year, Goldman Sachs, which promoted their wealthy clients about a possible investment opportunity, it was estimated at 50 billion dollars.

So it looks like Elevation Partners in a very profitable now stuck.

Earlier this year, Forbes named U2 as one of the world 's best-paid musicians, with over $ 736m - and a profit of about $ 195 million - from record sales and concert revenue in the last two years.

Lisa O 'Carroll

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