Bono's 2.3-Percent Stake in Facebook Makes Him Richest Musician in the World
At 11 a.m., you can buy a piece of Facebook. That's when the social networking giant will start trading publicly on the Nasdaq Stock Market under the ticker symbol FB.
According to Bloomberg News, "the average first-day 'pop' for a technology company is 32 percent; if Facebook follows that trend, it'll be worth $137 billion by day's end."
Furthermore, U2's Bono will become the richest musician on the planet thanks to his private equity firm's 2009 investment in Facebook.
Opera Fusion: Not in My Town
TicketsFri., Sep. 30, 8:00pm
The Dandy Warhols: Distortland Tour
TicketsSat., Oct. 1, 8:00pm
Max & Iggor Cavalera
TicketsSun., Oct. 2, 7:00pm
Charlie Puth - We Don't Talk Tour 2016
TicketsTue., Oct. 4, 7:30pm
Peter Frampton Raw: An Acoustic Tour
TicketsWed., Oct. 5, 7:30pm
Three years ago, Elevation Partners' bought a 2.3 percent stake in Facebook with an initial $90 million investment. According to NME, Bono's share is worth well over $1.5 billion, given Facebook's $104 billion valuation.
So, when the company goes public, Bono will overtake Paul McCartney as the richest musician in the world. But that doesn't mean the Irish rocker's retiring anytime soon.
"The band are back in the studio getting a feel for new material after the last album No Line On The Horizon," says NME's source. "Will.i.am had a credit on that and they are looking to explore that direction further. They have been working with Danger Mouse and RedOne. They are excited about getting to work with Carl Falk."
You think Justin Timberlake's starting to regret that MySpace partnership?
Get the Music Newsletter
Keep your thumb on the local music scene each week with music news, trends, artist interviews and concert listings. We'll also send you special ticket offers and music deals.