U2's Bono Makes 488 Million Pound Profit Through Facebook

Bono is set to make a £488 million profit from his shares in social network site Facebook.

The frontman's investment firm bought a $210 million stake (£128m) in the social network site back in 2009, reports The Guardian.

Facebook has now been valued at $65bn following the sale of a stake by advertising and marketing giant Interpublic Group, making Bono's company Elevation Partners' cut of the business now valued at $975m (£595m).

Elevation Partners has now made a profit of £488m on their original investment.

Meanwhile, U2 broke the gross record of $558 million held by The Rolling Stones on April 10 in Sao Paulo, Brazil.

The tour, which is part of a 360-degree production, kicked off on June 30, 2009, in Barcelona, Spain, and called in Europe and North American on September 12.

As previously reported on Gigwise, U2 were criticised last month as it was claimed that they are avoiding paying tax by basing parts of their business in Holland.

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