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.
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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."
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