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Bono and company invests in Facebook
By Hanleigh Daniels 29 June 2010 | Categories: news
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Fintechs should develop products that address the ...U2 front man Bono and the private equity company Elevation Partners (in which he is a partner) has reportedly snapped up a larger stake in Facebook.
In November the company obtained 2.5 million shares for $90 million (approx. R687 million). They did not purchase its latest shares directly from Facebook or its employees, but has procured them on the secondary market, where former employees and investors are free sell their stake in Facebook.
According to the Financial Times, Elevation Partners has now purchased another 5 million shares of Facebook for $120 million (about R916 million), which takes their stake in the social networking site to approximately 1.5%.
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