herald

Wednesday 17 January 2018

Bono company's Facebook stake soars by €531m

BONO has hit the jackpot and bagged a whopping €531m from Facebook.

The U2 singer has proved that he may soon be making more as a Wall Street trader than a rock frontman.

Bono has now seen his wealth rise three-fold, as his stake in the website has grown considerably since his investment in the site.

The Beautiful Day singer invested €145m in the social network through his company Elevation Partners in 2009 and the gamble has paid off, as the company's stake is now worth €676m.

When Elevation Partners bought their stock in Mark Zuckerburg's site, their company was worth only €6bn -- now it is valued at €34bn.

Elevation Partners -- a venture capital firm -- specialises in start-up and often risky businesses. Facebook -- which has over 500 million users -- is one of Bono's most successful financial ventures.

Bono and U2 were named in the famous Forbes rich list in June as a result of their worldwide sell-out tour.

The 360° tour -- which finished up earlier this month after a two-year stint -- has made Bono and The Edge two of music's top earners, grossing more than €510m.

The show's producer Arthur Fogel has commented on the eye-popping numbers: "This tour was a brilliant success on every level and all involved should be extraordinary proud."

hnews@herald.ie

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