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Bono sitting on £500m share of Facebook

Updated: Jan 14, 2011, 17:24 PM IST

London: Singer Bono is playing in millions these days.

The U2 star is sitting on a 500 million pounds share of Facebook after his investment quadrupled over the past 12 months, reports the Sun.

The canny businessman, 50, bought 1.5 per cent of the social networking site for 130 million pounds in 2010.

But his chunk is now worth 485 million pounds after the company’s value soared from 8 billion pounds to 32billion pounds last week.

Bono cannot bank his Facebook profits yet - as the social network is currently a privately-held company.

But when the site floats on the stock exchange - predicted to happen this year - he can cash in his share and claim a huge windfall.

ANI