Friday, 18 May 2012

U2's Bono the richest musician

Bono live with his band U2
U2 front man Bono has become the richest musician in the world, overtaking Paul McCartney, according to NME music magazine. This all thanks to the stocks that he owns in Facebook that were made public. The social media giant were noted on the stock exchange which meant early investors, like the U2 front man, yielded enormous returns on their investment. He might not have featured in the flick about Facebook’s inception, The Social Network, but the Irish singer was also a key early adopter of the site. Bono, who previously made a $US90 million dollar investment in Facebook three years ago through Elevation Partners, his private equity firm, saw him owning 2.3% of the shares in the site that would become a social media monopoly. 2.3% may not sound like much, but considering the Facebook juggernaut is already valued at over $US100 billion, Bono’s shares equates to him cashing in to the tidy tune of $US1.5 billion dollars.

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