Bono Could Lose $342 Million After Facebook Shares Plummet

U2 frontman Bono has seen his vast fortune slip by $342 million (£218 million) in the last week.

Bono Could Lose $342 Million After Facebook Shares Plummet
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U2 frontman Bono has seen his vast fortune slip by $342 million (£218 million) in the last week, according to NME's calculations. The singer owns 2.3 per cent of the shares in Facebook through his private equity firm, Elevation Partners, which they bought for $90 million (£57 million) in 2009. When Facebook floated last week, 2.5 billion shares were issued at $38 (£24) a share, meaning Bono's firm's 57.5 million shares were worth $2.19 billion (£1.38 billion). But, as the week has gone on, Facebook share price has fallen sharply and is now $32.05 (£20.45), meaning Bono's firm's stake is now worth $1.84 billion (£1.17 billion). The U2 frontman has taken steps to distance himself from reports that he has become the richest musician in the world, overtaking Paul McCartney with his new Facebook windfall. He told MSNBC: "Contrary to reports, I'm not a billionaire or going to be richer than any Beatle - and not just in the sense of money, by the way, The Beatles are untouchable - those billionaire reports are a joke." He added: "In Elevation, we invest other people's money endowments, pension funds. We do get paid of course. But you know, I felt rich when I was 20 years old and my wife was paying my bills. Just being in a band, I've always felt blessed. I got interested in technology because I'm an artist." He continued: "Technology is huge, I wanted to learn about it. People might say that's odd, but I think it's odd if artists aren't interested in the world around them. I'm always chasing that. Facebook are an amazing team, a brilliant team, it's a technology that brings people together." U2 are rumoured to be working on new material with One Direction's songwriters, according to reports, with Swedish pop svengali Carl Falk, who penned the boyband's "What Makes You Beautiful" apparently on board. Thanks for the report to NME.com.

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    kLeft
    A share that dropped from 2.19 billion to 1.84 billion from a 90 million investment.. Im no mathematician here but screw you Bono.
    iTOASTER
    His shares are only worth 1.84 billion? Pfft, its barely worth it...
    Dan_Hey_Wait!
    I wouldn't be complaining if I were him. Being a student a healthy 1,000 would make me a happy guy!
    ne14t
    I kept screaming that the IPO for Facebook was set WAY too high I mean $38 a share for an initial offering, lulz. A little company called Microsoft sells shares in its highly stable company that isn't a part of the dotcom fad for $29 a share. Any savvy investor will tell you that Facebook was not something to invest in, how is it going to make you capital? Zark Fuckerberg just pulled a get rich quick scheme on a lot of investors, probably see it drop off to around $20 a share.
    JFRules
    Social Media sites are not a good investments. In a few years Facebook will be gone and something new will have taken it's place. Too bad not much people use Google+.
    acdc51502112
    "U2 are rumoured to be working on new material with One Direction's songwriters, according to reports, with Swedish pop svengali Carl Falk, who penned the boyband's "What Makes You Beautiful" apparently on board." GOOD THING THEY'RE ACTUAL MUSICIANS.....OH WAIT
    Artemis Entreri
    Bono isn't complaining about this, contrary to all your critical comments. More of a (another, rather) misleading title.
    threedaysgrace9
    Good. Can't stand Bono. And really U2? Getting boyband songwriters to help you? Time to call it quits.
    foopeppers
    threedaysgrace9 wrote: Good. Can't stand Bono. And really U2? Getting boyband songwriters to help you? Time to call it quits.
    My thoughts exactly
    Qasur
    This article is ridiculous because it's header is "he could *lose* 340 million..." You mean, the 2.3% of Facebook he bought for $90 million went on to become worth $2.19 Billion and it "dropped" to $1.84 Billion so he's "losing" money??? I guess that other 1 Billion he gained wasn't a net-anything, right??
    Akaforty
    He didn't lose anything. He invested the money and still has $1,56 billion more than when he invested it. The article even has his quote and he's not a douche about it. This article is offensively suggestive. And by reading the comments I can see it worked effectively.
    Scarr777
    Atleast it wasn't his space-glasses... if the space glasses are lost he might pull a Cobain!!!
    Sonny_sam
    His $90 million worth of shares are now worth $1.84 billion instead of $2.19 billion. Notice how he doesn't seem to be complaining about it!
    Schofey
    jacobbeahm wrote: and all the comments on this article is is a bunch of metalheads who cant allow other people to have opinion i used to be a metalhead my favorite bands were motorhead,slayer and megadeth than i saw how many *****s their are in metal you people have no comprihension of what bono is trying to do but really you cant be famous without having a bunch of *****s who hate you if you had millions upon millions of dollars youd do the exact same thing its not his fault he tries to be a business man but oh well i guess you idiots cant accept that can you and ass for you U2's music i belive they are better thsn other bands because they make music with as few notes as possible a lot of other bands work that way the rolling stones,the beatles,the ramones but you know what you all think you think just because their highly acclaimed or that their guitar player uses alot of effects and the songs are simple that they are not worthy of their success or not real musicians and thats your opinion but your opinion dont mean shit and its not fact
    Seems to me as though you have no comprehension of spelling or punctuation. At least we metalheads aren't complete dumbasses. Next time try saying something that looks intelligent and maybe people will pay attention to you.
    tystroud
    come2gether wrote: Hate all you want. They've done more for music than your favorite band has. And the Edge has played less notes in his career than virtually any other famous guitarist ever (certainly less than some metal guitarist)and will always have the bigger influence. Give it up metalheads, like it or not, your music doesn't matter nearly as much as you think it does. There's more power in the instrumental final minute of With or Without You than in the entire catalog of A7X, Slayer, any of that shit
    The solo for Seize the Day is twice as good as anything Bono has ever played.
    Sociophobic
    As much as Bono goes on about helping the less fortunate, you'd think he could spare some of that cash.
    joee75
    ...does this mean there will be a Bono benefit concert so he can once again feed himself.....?
    EnglishToolRage
    come2gether wrote: Hate all you want. They've done more for music than your favorite band has. And the Edge has played less notes in his career than virtually any other famous guitarist ever (certainly less than some metal guitarist)and will always have the bigger influence. Give it up metalheads, like it or not, your music doesn't matter nearly as much as you think it does. There's more power in the instrumental final minute of With or Without You than in the entire catalog of A7X, Slayer, any of that shit
    So When you say "than your favourite band has"... You're saying that they're one of your favourite bands and it makes your ass pucker up when people talk s-*it about them. Dude, get a clue. I'm allowed to tell you U2 are corporate sellouts (Quote one very high-end Blackberry Commercial for $$$$$s) and you're allowed to suggest that my "favourite band" is unimportant (who ever they may be). Chill out and unpucker your ass.
    EnglishToolRage
    jacobbeahm wrote: and all the comments on this article is is a bunch of metalheads who cant allow other people to have opinion i used to be a metalhead my favorite bands were motorhead,slayer and megadeth than i saw how many *****s their are in metal you people have no comprihension of what bono is trying to do but really you cant be famous without having a bunch of *****s who hate you if you had millions upon millions of dollars youd do the exact same thing its not his fault he tries to be a business man but oh well i guess you idiots cant accept that can you and ass for you U2's music i belive they are better thsn other bands because they make music with as few notes as possible a lot of other bands work that way the rolling stones,the beatles,the ramones but you know what you all think you think just because their highly acclaimed or that their guitar player uses alot of effects and the songs are simple that they are not worthy of their success or not real musicians and thats your opinion but your opinion dont mean shit and its not fact
    ...And you, - unpucker that ass... Subjective opinions mean I can say your band sucks; why do people have a emotional problems with this... U2 are despised becuase they're corporate *****s, nit because they suck.. Lots of bands suck, but people hate U2 becuase they suck And are rich... If they sucked and were as poor as a normal shitty band, people wouldn't hate on them. They made money from sucking, - I suck. Where's my money!?
    420Tool
    One of the richest men on the planet lost some change? What a tragedy.....
    SOADplayer2
    I think I just worked out the internet! Mathematically, one can shown that all opinions in comment sections mean nothing, thus proving that we should all stop commenting! If I call my opinion M and your opinion Y, we can see that the following is true: M+Y=M Since when I voice my opinion (M) and someone counters it with theirs (+Y), mine is left unchanged (notice how noone ever changes there mind in comment threads?) But of course, the converse is true, and to you my opinion doesn't change your opinion. Hence: Y+M=Y Both of these equations show that both M and Y must equal zero, that is, neither opinion matters at all. Back to the subject, I think Bono is an alien, but as I just showed, my opinion means nothing!
    kerguitar08
    I thought he would be smart enough to sell it right away. Because there's no way in hell Facebook was worth $38 a share or anything remotely close to that amount. Either way, he's still filthy rich so whatever.
    KoRnogra4
    kLeft wrote: A share that dropped from 2.19 billion to 1.84 billion from a 90 million investment.. Im no mathematician here but screw you Bono.
    He didn't buy $90 million worth of shares. He bought the private equity firm for $90 million in 2009. It says it right in the article.
    Ibeanez
    efferus wrote: ramorite wrote: you guys dont know any ****ing thing about bono or U2 if you're going to sit here and talk about how greedy they are. just because they have money and you don't doesn't make them bad people. It's the system that doesn't work. There's a family out there this week who won't be able to afford next months rent and is soon going to be on the street. This guy has millions spouting out of his ass, and "artists" like Chris Brown are buying solid gold stopwatches. Unfortunately it's not just these musicians. It's the human condition that needs to change.
    The "system" works fine. They have money because people are free to give it to them, and they do. If you want to pay for someone else's rent, go ahead.
    420Tool
    I can't even comprehend the amount of money mentioned in the above article. Yesterday for lunch, I found some change under the seat of my car and bought something off the $1 Menu at McDonald's. Livin' the dream baby, livin' the dream.
    beau05
    jacobbeahm wrote: and all the comments on this article is is a bunch of metalheads who cant allow other people to have opinion i used to be a metalhead my favorite bands were motorhead,slayer and megadeth than i saw how many *****s their are in metal you people have no comprihension of what bono is trying to do but really you cant be famous without having a bunch of *****s who hate you if you had millions upon millions of dollars youd do the exact same thing its not his fault he tries to be a business man but oh well i guess you idiots cant accept that can you and ass for you U2's music i belive they are better thsn other bands because they make music with as few notes as possible a lot of other bands work that way the rolling stones,the beatles,the ramones but you know what you all think you think just because their highly acclaimed or that their guitar player uses alot of effects and the songs are simple that they are not worthy of their success or not real musicians and thats your opinion but your opinion dont mean shit and its not fact
    Haha What does being a metalhead have to do with not liking bono? Everyone I know, from my parents and auntys/uncles to the people I work with (who AREN'T metalheads), all think bono is a complete wanker. Again it's just an opinion, but blaming the tyrade of comments on ONE fanbase is ridiculous
    efferus
    ramorite wrote: you guys dont know any ****ing thing about bono or U2 if you're going to sit here and talk about how greedy they are. just because they have money and you don't doesn't make them bad people.
    It's the system that doesn't work. There's a family out there this week who won't be able to afford next months rent and is soon going to be on the street. This guy has millions spouting out of his ass, and "artists" like Chris Brown are buying solid gold stopwatches. Unfortunately it's not just these musicians. It's the human condition that needs to change.