Elevation Partners Acquires Additional $120 Million Stake In Facebook

Private equity shop Elevation Partners has acquired an additional five million shares in Facebook for around $120 million. Last November, the firm bought 2.5 million shares for $90 million. The shares were sold by former employees or early investors. Facebook itself is not benefitting financially from the sale. According to the Wall Street Journal, Elevation invested more capital into Facebook based on its growth rate. The website had grown to about 500 million people compared to the 325 million users when the firm first invested. Elevation Partners is a private equity firm with around $1.9 billion in assets under management. U2's Bono is a partner at the firm, which is named after U2's song "Elevation."