Bono Grabs A Bigger Portion Of Facebook
June 29, 2010 at 4:25 AM (PT)
BONO's investment firm, ELEVATION PARTNERS, has increased its investment stake in FACEBOOK. THE NEW YORK POST reports "ELEVATION has plunked down $120 million to enlarge its stake in the privately held social-networking site, bringing its total investment in the company to $210 million, according to a letter to investors first published by the blog TECHCRUNCH. Although FACEBOOK isn't publicly traded, ELEVATION, which also counts venture capitalist ROGER MCNAMEE among its backers, was able to buy shares from insiders on the secondary market."
In APRIL (NET NEWS 4/29), ELEVATION agreed to sell smartphone maker PALM for $1.2 billion to HP, providing U2 frontman BONO a small profit on an investment that had been souring as PALM continued to lose market share to rivals APPLE and RESEARCH IN MOTION.
ELEVATION already owned $90 million, or $36 a share, for a 2.5-million-share stake in FACEBOOK, that it purchased last NOVEMBER.
WALL STREET insiders are now speculating about an initial public offering of FACEBOOK in 2011.