Bono Should Become A Billionaire Today Thanks To Facebook
By Mack Rawden 2012-05-18 09:31:17
The guys from U2 may have grossed more than seven hundred million dollars on their recent 360 Tour, but lead singer Bono might make more money than that today. He can thank Facebook’s initial public offering, which experts estimate will put a total value on the company at around one hundred billion dollars. Since Bono reportedly owns just over two percent, that should put his haul into the billions.
According to NME, the singer paid ninety million dollars for his stake in the online juggernaut through his private equity firm Elevation Partners all the way back in 2009. Since then, Facebook has rapidly expanded and begun generating real returns thanks to advertisements and other money-making strategies. In retrospect, I’m sure the musician wishes he would have figured out a way to buy even more shares at the time, but it’s hard to complain about a billion plus dollar payday.
Obviously, the specifics of his total haul won’t be known for awhile until the Facebook stock stabilizes, but when the dust settles, Bono’s take should be enough to make him the richest musician in the world. Sir Paul McCartney previously held that honor with roughly a billion in total assets, but the former Beatle will now have to step aside thanks to a savvy playing of Wall Street.
Concerned fans shouldn’t worry though, U2 is supposedly already working on new material, and Bono is planning to continue singing for the foreseeable future.