U2 Singer Bono Denies Facebook IPO Made Him World’s Richest Rock Star
The initial public offering of Facebook on Friday (May 18) may not have been as successful as many had expected. But even if it had done better than closing at only 23 cents more than the opening price, it would not have put Bono up with Paul McCartney in the exclusive Billionaire Rockers Club as had been initially believed.
Speaking to MSNBC’s Andrea Mitchell, the U2 singer said, “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.”
In 2009, Bono’s equity firm, Elevation Partners, bought 2.3% of Facebook for $90 million. However, he said that the money used for the investment did not come from the millions of albums and concert tickets U2 have sold throughout their career.
“In Elevation, we invest other people’s money — endowments, pension funds,” he continued. “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.”