U2’s Bono has found what he is looking for with Facebook stake

By Posted 16 Aug 2011, 10:25

Facebook is still top of the tree when it comes to the social networking world, as it has the biggest amount of users that also helps it to have the biggest financial worth. The company has many of happy investors from financial investment companies to celebrities. One of these U2’s lead singer Bono has found what he is looking for with his Facebook stake as its worth rises rapidly.

The social networking site has just been valued at a massive $65 billion, which is up from $50 billion back in January. According to Lisa O’Carroll of Guardian.co.uk, Bono’s investment firm Elevation Partners may be looking at a profit of around $800 million.

An early investor in Facebook Interpublic has just sold fifty percent of its 0.4 percent share in the company, and raised $133 million which values Facebook at $65 billion. This gives U2’s Elevation Partners stake in Facebook a value of around $975 million, which is up from the $210 million it originally invested back in November 2010.

Meanwhile chief executive of the Interpublic Group Michael Roth said that an “attractive opportunity”, had arisen to sell some of its Facebook stake and it “made sense” to do so. The company didn’t reveal the amount of shares it had sold, but they would be seeing a pre-tax profit of around $132 million.

Facebook’s stock has certainly risen in recent times and this will help investors see a good return on their investments. Forbes has already named U2 to be one of the world’s highest earning musicians earlier this year. This followed a turnover of $736 million with profits of around $195 million. This is from sales of music and concert receipts during the past two years.

It remains to be seen how long the phenomenon that is Facebook can continue to grow with increase competition from the likes of Google+. There have also been reports that some users are growing tired of the social networking site. Do you think the success of Facebook will start to slow now?

You can add us to your circle on Google+, follow us on Twitter, join the photo community on Pinterest, or like our Facebook page to keep updated on all the latest news.

Categories