Dubbed by American Financial experts last year for being the worst investor in the world U2 rock star Bono is laughing all the way to the bank after raking in an enormous fortune from his shares in the social networking site Facebook.
The Irish rock singer has definitely found what he’s looking for as his shares in Facebook quadruple making him a massive billion dollars.
Bono, 51, invested more than $210 (Â£126m) from his company Elevation Partners which bought him a hefty piece of the action in Mark Zuckerberg’s social networking site in 2009, but Â thanks to Facebook’s phenomenal popularity and global success his shares rocketed and now worth a whopping $1billion (Â£630m).
Figures released for July 2011 revealed that there are now approximately 750 million active users on the biggest social networking site on the planet, Facebook, founded and launched by the staggeringly rich, young, and talented social genius Mark Zuckerberg, 27, in February 2004.
It’s great news for U2′s front man following his disastrous history of investment including when his firm Elevation ploughed Â£180m in to Forbes Media whose stocks crashed in value in 2006 and then another huge Â£289m investment with smartphone maker Palm that crashed and hit the rocks following the introduction of Apple’s Iphone.
A spokesman for Elevation Investment said:
“Elevation’s portfolio is performing very well and that performance is being driven by several investments, not just Facebook.”