Bono and Edge’s Facebook stake elevates

IT’S a beautiful day for U2’s Bono and the Edge who have seen their stake in Facebook elevate to new heights.

Private equity firm Elevation Partners, which counts Bono as one of its founders, saw its stake in Facebook jump to $750 million (€560m) this week from an initial investment of $210m. Elevation own 1.5% of Facebook and the social networking site was recently valued at $50 billion (€37.5bn) following a $500m investment from Goldman Sachs and Russian firm Digital Sky Technologies.

In June Elevation Partners purchased $120m in Facebook stock from private shareholders, which at the time valued the company at $23bn. The firm had previously purchased $90m of Facebook shares based on a $9bn valuation in November 2009.