Irish U2 rock band frontman Bono owns 1.5 percent of Facebook, Inc., which is worth an estimated $750 million, or four times the valuation of his original investment in the world’s largest social networking platform.
Goldman Sachs Group, Inc.’s latest investment in the website updates its valuation to be $50 billion. Elevation Partners, a private equity firm founded by Bono, also stands to profit from the upward valuation.
According to the BBC, Elevation has not made a public statement about its Facebook shares, managing partner Mark Bodnick told the New York Times. The Goldman Sachs deal is all about strategic growth out of the limelight and away from the “short-termism” of the market.
A Goldman Sachs 101 page report to potential clients states that Facebook made $1.2 billion in revenue in the first nine months of 2010. Although details about the origins of the revenue figure have not been revealed, said an unnamed source to Reuters, due to a legally binding nondisclosure agreement.
The popular social media site, which began in Chief Executive Officer Mark Zuckerberg’s Harvard University dorm room, has taken social networking to new heights.
Currently, there are about 500 million Facebook users, and around 4 billion messages are exchanged per day through the company’s interface, according to Facebook.