Palo Alto, Calif. – Elevation Partners, the investment firm
co-founded by U2 lead singer Bono, has significantly increased its stake in social
networking giant Facebook, TechCrunch reported on Monday. Citing a letter to
the firm’s limited partners, the blog reported that Elevation has bought
another five million shares of the company for $120 million on the secondary
The news comes seven months after Elevation acquired 2.5 million shares
for $90 million, and is likely to, at least for the time being, quell swirling
rumors about the prospects of a Facebook IPO in the near future.