U2’s Bono has reportedly found a true friend in Facebook.
The UK’s TheWord.com reports that Bono’s private equity firm, Elevation Partners, has quadrupled its investment in the social networking website. The firm owns an estimated one-and-a-half percent of Facebook, an investment that has now skyrocketed to a value of 750-million dollars. Bono’s money fund specializes in media and entertainment opportunities, with a reported one-point-nine-billion dollars in committed funds. Among its previous investments was financial backing for Hewlett-Packard’s Palm and a cash infusion for Yelp.com, a website that offers local reviews covering about 40 states.