Bono to Become Richest Rocker on the Planet Do you like his music?
Bono to Become Richest Rocker on the Planet
By BRYAN LYNN
May 18, 2012
frontman Bono is reportedly about to become the wealthiest rocker in
the world, with his stake in newly public Facebook bringing in an
estimated $1.5 billion.
Bono invested in the social media site in
2009, spending $90 million to purchase 2.3 percent of Facebook shares
through his private equity firm Elevation Partners. Organizers arranging
Facebook's IPO settled on a price of $38 per share and the company and
its investors raised about $16 billion in the historic offering.
debuted Friday morning on the Nasdaq Stock Market with an IPO that made
the company -- started by current CEO Mark Zuckerberg and others in a
college dorm room eight years ago -- the most valuable U.S. firm to ever
Facebook investment is likely to push Bono into the No. 1 spot of the
world's richest musicians, bumping former Beatle Paul McCartney, who is
estimated to be worth just over $1 billion.
don't expect the charity-friendly rock star to go on a spending spree
-- he's said in the past that money raised from his investments will
mostly be funneled to his various philanthropic projects in Africa.
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