Elevation Partners Invest $120 Million In Facebook
Elevation Partners has made a huge investment in Facebook in a deal worth $120 million. The $120 million investment gives Elevation Partners ownership of 5 million Facebook shares. This past November, Elevation Partners spent $90 million to purchase 2.5 million shares of Facebook. This means Elevation Partners owns 7.5 million shares of Facebook at a $14 billion valuation.
Elevation Partners has a close knit relationship with Facebook already. Elevation founders Roger McNamee and Bono of U2 fame were personal investors in Facebook. And Mark Bodnick, a partner at Elevation is the brother-in-law of Facebook COO Sheryl Sandberg.
The Elevation investment reignited a rumor that Facebook has upcoming plans to have an IPO. Facebook was expected to have an IPO since 2007, but Facebook founder and CEO Mark Zuckerberg publicly said that he is no rush to go public. Facebook revenues have surpassed $600 million and the social network has over 500 million users.@amitchowdhry or on Google+ at +AmitChowdhry