Bono doubles down on Facebook
It's no secret at all
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Elevation Partners, the private equity firm backed by bad-backed U2 frontman Bono, has stumped up $120m for just over 0.5 per cent of Facebook.
The deal values the dominant social network at $23bn, and takes Elevation Partners' total stake to 1.5 per cent, having invested $90m at a $9bn valuation last year.
Reports earlier this month claimed Facebook's sales were between $700m and $800m last year, so Bono and friends reckon it's worth about 29 times revenue at the moment. Which is a lot.
The widely-held assumption is that Facebook aims to IPO in the next couple of years, when Elevation Partners and the other private interests who have paid its running costs since 2004 will cash in.
Bono's fund could use a hit. It sank hundreds of millions into Palm's attempted revival, which ended in a fire sale to HP this year. ®
COMMENTS
The difference...
..is that Joe Bloggs in the street doesn't go onto the world stage banging on about how we should all do more for charity whilst making nice little nest eggs.
How about stick 10 million in the bank and dish out the other £110 million, or is that not enough to live on these days?
Here is a challange then.
I will donate 95% of my free monthly money & all my savings for one year if Bono does.
Money meet mouth.
Re: Ahem....
I expect he's given a few quid to charity himself here and there. When's the last time you oh forget it. YEAH BOO BONO WHAT AN OBVIOUS WANKER etc.
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