Irish popular beat combo artist Bono is apparently making a killing out of the large chunks of shares in the social notworking site Facebook.
It seems that the crooner of Celtic bollocks has been doing rather well out of the shares he already has in Facebook. His investment firm has made a profit of almost $800 million on shares in Facebook in just a few years.
According to AP, Bono’s investment firm Elevation Partners bought a $210 million stake in Facebook in November 2009. That stake is now worth $975 million.
This is not bad considering that Bono has been named as one of the worst investors in America. He has lost hundreds of millions investing in Forbes Media and $500 million in smartphone maker Palm.
However the amount of cash that Bono has made out of Facebook is being snarled at by those who would also like to buy shares in the outfit.
Many think that the current system, which favours large investors, and allows them to buy shares in “private” companies that normal investors can’t. Of course they need to do so in million dollar packages, but analysts told AP that the entire system is open to abuse.
Still if it stops Bono from needing to sing we are all in favour of it.