Facebook IPO Set to Help Bono Become World’s Richest Rock Star
Hats off to Bono! it looks like he will follow no more, at least not in terms of financial portfolios, thanks to some shrewd investment in Facebook. The U2 frontman is one of many who cash in once Facebook goes public Friday (May 18) with their Initial Public (Stock) Offering (IPO).
It looks as though Bono will then become the richest man in the rock world, a spot previously held for many years by Paul McCartney. The "cute" Beatle is also the shrewd one, with an estimated worth of 665 million pounds...that's over one billion dollars!
Bono is already high atop the list of well to do rockers, earning (according to Nasdaq) a reported $195 million from record and ticket sales in the past two years alone. He will out run that amount by some distance once Facebook goes public. In 2009, his 'Elevation Partners' equity firm bought 2.3% of Facebook for $90 million, an investment that will be worth over $1.5 billion when all is said and done.
In 2009, Facebook stock was worth around $9 billion. By June of 2011, it had skyrocketed to $23 billion, and by the end of 2011, it was valued it at $50 billion. OK, so then why can't the guy get a different set of sunglasses now?