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Wednesday, August 17, 2011

Bono’s Company Made $800 Million On Facebook

Elevation Partners, which counts U2 frontman Bono and guitarist The Edge as investors, has seen its November 2009 investment in Facebook more than quadruple. And the gains are poised to grow even more.

Elevation Partners paid $210 million for a chunk of Facebook in 2009, but subsequent rounds of financing have spiked the social network's valuation, making Elevation's stake worth around $975 million today, according to the Guardian. That's based on a recent investment valuing Facebook at around $65 billion. There's plenty of room for the gains to continue; a prior Goldman Sachs deal had Facebook worth $70 billion, and the Wall Street Journal's sources think Facebook will go public at around $100 billion valuation.

Maybe that's all bubble-icious hype, but as long as Elevation exits before Facebook stock's Bloody Sunday moment (sorry!), Bono will finally shake off that "worst investor in the world" reputation.

[via Business Insider, photo via Getty]

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