Facebook to Make U2 Singer Bono Richest Rock Star in the World

2012-02-06

Story by Anne Erickson

U2 frontman set to surpass Paul McCartney in riches

Last week, news broke that U2 frontman Bono invested a hefty amount of Facebook stock in 2009 and is on target to score big now when the social networking giant goes public. Now, it seems Bono’s involvement with Facebook is set to make him the richest rock star in the world when the company hits the stock exchange.

The “I Still Haven’t Found What I’m Looking For” singer owns roughly 1.5 per cent of the shares in Facebook via his private equity firm, Elevation Partners. Analysts predict that when the social networking site reaches the stock exchange later this year, Bono’s investment will be worth just over $1 billion! That would make Bono a billionaire rock star. It has a nice ring to it, don’t you think?

Specifically, Bono could rake in an upwards of $1.1 billion, which would put him $300 million ahead of the current wealthiest rock star, Sir Paul McCartney, according to NME. Bono’s firm invested in Facebook in 2009 and shelved out about $90 million for its shares, reports the Telegraph. A significant portion of the money, when discharged, is anticipated to go to Bono’s many charity projects, most of which center on humanitarian assistance in Africa.

Facebook’s chief executive officer and co-founder Mark Zuckerberg is really going to make a bundle off the Facebook IPO. The company’s 202-page S-1 filing shows that Zuckerberg will own a 28.4% stake in the business, and with predictions that Facebook’s valuation could hit $100 billion, the young entrepreneur could wind up with stock valued at a whopping $28.4 billion, according to the Street. What do you think Bono and Zuckerberg should do with their stash of cash?

 




Anne Erickson
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Posted by Anne Erickson | Music, Rock, Rock News

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