Advertisement

Facebook IPO could make Bono the richest musician on Earth

May 18, 2012|By Salvador Rodriguez | This post has been corrected, as indicated below.
  • Bono performs with U2 on Thursday night at the Apollo Theater in New York. Bono's Facebook shares are worth an estimated $1.5 billion.
Bono performs with U2 on Thursday night at the Apollo Theater in New York.… (Marion Curtis / Starpix )

Bono could become the richest musician on the planet after Facebook Inc.'s first day of trading, according to numerous reports.

Elevation Partners, the investment group of the lead singer of the rock band U2, owns 2.3% of Facebook, worth an estimated $1.5 billion based on the company's IPO, according to various reports on the Web.

The Irish artist, who is listed as the 12th-largest owner of Facebook shares by Forbes, invested $90 million in the start-up three years ago through Elevation Partners.

Depending on how Facebook's first day of trading goes, Bono could surpass the current richest musician,  Paul McCartney. The former Beatle's fortune is estimated to be $1.05 billion, according to MTV News.

Bono is estimated by Forbes to own 1.5% of the company, which could be worth about $750 million

Facebook's stock was priced at $38 Thursday and opened Friday at $42.05. Since trading began the stock has swung up and down but has generally stayed around $40.

For the record, 12:13 May 18: An earlier version of this post said Bono owned a 2.3% investment in Facebook. That is actually the percentage of the company that his investment group owns. His portion of Facebook is less.

After initial reports came out saying Bono could become the world's richest musician, the artist cleared the air on 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," he said. "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."

Bono also said his interest in technology comes from his interest in "forces that shape the world."

"Technology is huge, I wanted to learn about it," he said, addding, "Facebook are an amazing team, a brilliant team, it's a technology that brings people together.”

RELATED

Facebook sued for $15 billion over online tracking

Facebook stock jumps about 10% as public trading begins

Mark Zuckerberg updates his Facebook page with Nasdaq debut

Follow Salvador Rodriguez on Facebook, Twitter or Google+

Advertisement
Los Angeles Times Articles
|
|
|