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Bono's Facebook Investment Rakes In MillionsPosted on Jan 10th 2011
U2 may have close to 7 million Facebook fans, but Bono's relationship with the premier social networking platform apparently goes a lot deeper. It has been revealed that the rocker owns 1.5 percent of Mark Zuckerberg's social network, thanks to a savvy investment by Bono's company, Elevation Partners.
According to the Word, Bono's private equity firm, which specializes in media and entertainment, has quadrupled its initial investment to $750 million due to the success of Facebook. According to Elevation's official website, the company has nearly $1.9 billion in committed capital.
The Facebook news is good for Bono, who seems to have found what he's been looking for with Elevation. But serving as the company's co-founder and managing director has come with its share of struggles.
Last march, the leather-clad frontman born Paul Hewson was named the "worst investor in America" by 24/7 Wall Street. At the time, it looked as if Elevation might lose its shirt due to a risky $460 million investment in Palm, but it managed to walk away unscathed when Palm was bought out by Hewlett-Packard for $1.2 Billion.
If only that success could translate over to the 'Spider-Man' musical ...
U2 Perform 'Pride (In the Name of Love)'
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Filed under: News
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Reader Comments(1 of 1)
High Rankedbruce Williams
at 1-10-2011Good for Bono and Elevation Partners...I hope he is able to take this opportunity to donate a large portion of those profits to benefit the needy children of Africa. I know that is a main concern of his as he mentions it often when he addresses World Leaders. This is an excellent opportunity to make a difference in many children's lives.
Reply
Highest RankedGottabekidding
at 1-10-2011BONO is a joke...
He is only interested in helping BONO Do a little research and you will see that only 5 cents of each dollar his foundations raise actually go to charitable causes. The rest of the money disappears and the organizations he heads refuse to account for it.
GREAT JOB BONO!
Low RankedDebbie15207
at 1-10-2011If he owns a part of Fb then he should have a say in the fact that they are going to charge a fee per month.. Many people cannot afford this which is a shame because some many old friendships have been reunited not to mentio keepint in touch with family..
Reply
High RankedJim
at 1-11-2011Really? You still believe that fable that's been running around the internet and Facebook for years. Good god, do a miniscule amount of research and you'll see it's a load of crap. LOL, charging for Facebook use. And next year, Obama wants to start charging to breathe the oxygen in the air too. Some people are so gullible.
NeutralRichard
at 1-10-2011Yo Debbie. Is there anything in this world beside Death, Taxes and the air you breathe that is not for free. Nowadays everyone charges for everything to make a buck...............No more free stuff........
Reply
Highest RankedDavid
at 1-10-2011Wow!How good for him! This would be the PERFECT opportunity to show his truly altruistic nature by donating ALL of his profits from this investment to African charities. After all, Bono is constantly telling American banks to forgive African debt, so he could probably pay some lucky countrys' debt off. Of course, I am not holding my breath. To do so would be him spending his own money, and celebs just don't do that. They offer their "support" or "bring attention" to a cause, thereby avoiding any actual sacrifice themselves.
Reply
NeutralMadeleine
at 1-10-2011Facebook boasts, "...free and always be." How can they charge a fee?? I don't do Facebook so I really don't care.
Reply
NeutralKelli
at 1-10-2011Bono is one of the few celebrities that puts his money where his mouth is. He has been traveling to Africa since 1985. He and his wife will spend weeks there, doing hands on work, feeding babies, and tending to the sick. He does donate his own money. This is old news for people who have followed Bono for a long time, so it doesn't make the news anymore.
Reply
Highest RankedGottabekidding
at 1-11-2011Correction... only ONE percent is actually used for charitable purposes!
I just did a quick google search and found this.
If you don't believe me just type this search into google:
bono faces fraud charges
You will see that these democrat dogooders aren't interested in helping anyone but themselves. That is the way it has always been. Follow the money!
Reply
Highest RankedGottabekiddin
at 1-11-2011Correction... only ONE percent is actually used for charitable purposes!
I just did a quick google search and found this.
If you don't believe me just type this search into google:
bono faces fraud charges
You will see that these democrat dogooders aren't interested in helping anyone but themselves. That is the way it has always been. Follow the money!
Reply
NeutralKevin
at 1-11-2011Yeah just goes to show you if you want to get rich all you need is 175 million dollars to ivnvest wisely. Get rich quick scheme. Step 1-get 175 million dollars...
Reply
Neutraloca anson
at 1-11-2011well if i have 175 million to invest, i really don't need to invest it, just let it seat in c.d.s and annuities , why risk a lot of money if you dont have any other intentions of using it .good or evil . hey mr. bono , why dont u-2 lend me some of your millions and invest it in the philippines 4 a change.
Reply
Neutralmike de vita
at 1-11-2011Great Investment, I wish I did 2 ! All rich people should share & give 2 the needy ! I'm very far from rich, & a bit better than the poor ! But I always give 2 charities !!!
U2 may have close to 7 million Facebook fans, but Bono's relationship with the premier social networking platform apparently goes a lot deeper. It has been revealed that the rocker owns 1.5 percent of Mark Zuckerberg's social network, thanks to a savvy investment by Bono's company, Elevation Partners.
According to the Word, Bono's private equity firm, which specializes in media and entertainment, has quadrupled its initial investment to $750 million due to the success of Facebook. According to Elevation's official website, the company has nearly $1.9 billion in committed capital.
The Facebook news is good for Bono, who seems to have found what he's been looking for with Elevation. But serving as the company's co-founder and managing director has come with its share of struggles.
Last march, the leather-clad frontman born Paul Hewson was named the "worst investor in America" by 24/7 Wall Street. At the time, it looked as if Elevation might lose its shirt due to a risky $460 million investment in Palm, but it managed to walk away unscathed when Palm was bought out by Hewlett-Packard for $1.2 Billion.
If only that success could translate over to the 'Spider-Man' musical ...
U2 Perform 'Pride (In the Name of Love)'
Download U2 Songs | Buy U2 Albums
More About U2 on AOL Music
U2 Artist Main
U2 Videos
U2 Pictures
U2 Biography
U2 Tour Dates
Filed under: News
Print this page|EmailShare on FacebookShare on TwitterShare on DiggShare on Lifestream Related Articlesfrom Spinner
Bono Bemoans Difficulty of Bringing ’Spider-Man’ Musical to the Stage49 days ago
Bono Back Injury Costs Insurance Firm Millions173 days ago
U2’s New Album ’Happening So Easily’ with Danger Mouse at Helm, Says Bono81 days ago
Bono is ’Feeling Strong’ Ahead of European Tour180 days ago
From Our Partners
Bono Knows He’s Annoying -- Potent QuotablesAOL Music Blog-16 days ago
Jay-Z Joining U2 on the RoadThe Boombox-141 days ago
U2 Debuts ’Spider-Man’ Song in PortugalAOL Music Blog-98 days ago
Top Five Tweets of the WeekThe Boombox-172 days ago
Reader Comments(1 of 1)
High Rankedbruce Williams
at 1-10-2011Good for Bono and Elevation Partners...I hope he is able to take this opportunity to donate a large portion of those profits to benefit the needy children of Africa. I know that is a main concern of his as he mentions it often when he addresses World Leaders. This is an excellent opportunity to make a difference in many children's lives.
Reply
Highest RankedGottabekidding
at 1-10-2011BONO is a joke...
He is only interested in helping BONO Do a little research and you will see that only 5 cents of each dollar his foundations raise actually go to charitable causes. The rest of the money disappears and the organizations he heads refuse to account for it.
GREAT JOB BONO!
Low RankedDebbie15207
at 1-10-2011If he owns a part of Fb then he should have a say in the fact that they are going to charge a fee per month.. Many people cannot afford this which is a shame because some many old friendships have been reunited not to mentio keepint in touch with family..
Reply
High RankedJim
at 1-11-2011Really? You still believe that fable that's been running around the internet and Facebook for years. Good god, do a miniscule amount of research and you'll see it's a load of crap. LOL, charging for Facebook use. And next year, Obama wants to start charging to breathe the oxygen in the air too. Some people are so gullible.
NeutralRichard
at 1-10-2011Yo Debbie. Is there anything in this world beside Death, Taxes and the air you breathe that is not for free. Nowadays everyone charges for everything to make a buck...............No more free stuff........
Reply
Highest RankedDavid
at 1-10-2011Wow!How good for him! This would be the PERFECT opportunity to show his truly altruistic nature by donating ALL of his profits from this investment to African charities. After all, Bono is constantly telling American banks to forgive African debt, so he could probably pay some lucky countrys' debt off. Of course, I am not holding my breath. To do so would be him spending his own money, and celebs just don't do that. They offer their "support" or "bring attention" to a cause, thereby avoiding any actual sacrifice themselves.
Reply
NeutralMadeleine
at 1-10-2011Facebook boasts, "...free and always be." How can they charge a fee?? I don't do Facebook so I really don't care.
Reply
NeutralKelli
at 1-10-2011Bono is one of the few celebrities that puts his money where his mouth is. He has been traveling to Africa since 1985. He and his wife will spend weeks there, doing hands on work, feeding babies, and tending to the sick. He does donate his own money. This is old news for people who have followed Bono for a long time, so it doesn't make the news anymore.
Reply
Highest RankedGottabekidding
at 1-11-2011Correction... only ONE percent is actually used for charitable purposes!
I just did a quick google search and found this.
If you don't believe me just type this search into google:
bono faces fraud charges
You will see that these democrat dogooders aren't interested in helping anyone but themselves. That is the way it has always been. Follow the money!
Reply
Highest RankedGottabekiddin
at 1-11-2011Correction... only ONE percent is actually used for charitable purposes!
I just did a quick google search and found this.
If you don't believe me just type this search into google:
bono faces fraud charges
You will see that these democrat dogooders aren't interested in helping anyone but themselves. That is the way it has always been. Follow the money!
Reply
NeutralKevin
at 1-11-2011Yeah just goes to show you if you want to get rich all you need is 175 million dollars to ivnvest wisely. Get rich quick scheme. Step 1-get 175 million dollars...
Reply
Neutraloca anson
at 1-11-2011well if i have 175 million to invest, i really don't need to invest it, just let it seat in c.d.s and annuities , why risk a lot of money if you dont have any other intentions of using it .good or evil . hey mr. bono , why dont u-2 lend me some of your millions and invest it in the philippines 4 a change.
Reply
Neutralmike de vita
at 1-11-2011Great Investment, I wish I did 2 ! All rich people should share & give 2 the needy ! I'm very far from rich, & a bit better than the poor ! But I always give 2 charities !!!