Bono to Pocket Nearly $1 Billion in Profit From Facebook Shares
Bono's bank account is about to balloon, as the U2 singer is set to pocket nearly $1 billion in profit from his Facebook shares. All that scratch, and he's also revered as one of the most influential rock 'n' rollers of all time. Must be nice to be in his shoes, huh?
According to a report from Digital Spy, the frontman's investment firm, named Elevation Partners, bought a $210 million stake in the social networking site back in Nov. 2009. That turned out to be an incredibly smart move.
Due to an early Facebook investor selling half of its shares, the site's value was then estimated at $65 billion. Do a little math and you'll see that Bono's initial investment has quadrupled in the two years since making the purchase.
This Facebook profit is just another impressive financial portfolio achievement for Bono and U2. The band's 360 tour, which just wrapped, grossed $736 million in revenues. As if that wasn't enough, U2 were also deemed the world's highest earning musicians by Forbes this past June, collecting $195 million.
Maybe U2 fans should call on Bono for some investment advice. Maybe he should pen a column in the Wall Street Journal. He clearly knows how to turn a profit.