Elevation Partners, the private equity firm, has acquired an additional 5m shares of Facebook for $120m, bringing its stake in the social network to about 1.5 per cent, according to a person with knowledge of the deal. In November, Elevation bought 2.5m shares for $90m. Elevation, which counts U2 front man Bono among its partners, did not purchase the shares directly from Facebook or its employees, but bought them on the secondary market, where former employees and investors can command lucrative prices for their stakes in one of Silicon Valley’s hottest companies. – from FT