Facebook Makes Bono Richest Rock Star

artist: Bono date: 02/06/2012 category: general music news
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Facebook Makes Bono Richest Rock Star
Bono is about to overtake Sir Paul McCartney as the world's richest rock star, thanks to his investment in Facebook. The U2 frontman owns 1.5% of the social network after investing $90 million in 2009 through his private equity firm Elevation Partners. Based on current valuations, his shares will be worth almost $1 billion today. Alongside his other investments and income, it will make the singer worth a total of $1.1 billion - $300 million more than Sir Paul McCartney. Part of the money, when released, is expected to support Bono's charity projects which assist humanitarian aid in Africa. However, Bono won't be able to cash out with his winnings just yet. His share is significant enough to risk the value of the whole company, were he to sell every share at once. His fortunes could yet grow further - or fall, of course - when Facebook goes public on the stock market this year. A trading frenzy is expected, which leaves the fate of his investment uncertain. Other investments by the singer have not been as successful, according to NME. At around the same time, Elevation Partners also put money into Forbes Media, the value of which has since dropped sevenfold, while a $100 million investment in Move.com has resulted in a 50% loss.
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