Bono and Facebook Shares Make Him World's Richest Rockstar
Musician, humanitarian and now handsomely rich U2 front man Bono is set to become the world's richest rock star after the social media giant Facebook goes public today.
According to the British music magazine NME, with the initial public offering of Facebook stock today, Bono will substantially increase his current mega-rich status. The U2 singer was very smart to buy into the social media network in 2009.
Bono bought 2.3 percent of the shares in Facebook with his private equity firm, Elevation Partners. The payout is just incredible. Bono's firm bought the stake in the company for $90 million three years ago. After the social media network goes public it is estimated that the total value of his shares will be well over $1.5 billion.
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The former musician to previously hold the title of world's richest rocker was former Beatle Paul McCartney who is currently listed to have a value of just over $1 billion.
While the stock that Bono holds may bring him to the billionaires club, the new wealth will not be for his retirement. NME explained that U2 is back in the studio recording a new album and working with several new artists.
The band is rumored to be working on new material with One Direction's songwriters, Swedish pop songwriter Carl Falk, who penned the boy band's "What Makes You Beautiful," according to reports.
"The band [is] back in the studio getting a feel for new material after the last album 'No Line On The Horizon'. Will.i.am had a credit on that and they are looking to explore that direction further," a source told the magazine.
With its initial price set at $38 a share, trading of Facebook stock is expected to begin on Friday and the current value of the company is estimated to be in the area of $104 billion.
