4

Bono's 2.3-Percent Stake in Facebook Makes Him Richest Musician in the World

^
Keep New Times Free
I Support
  • Local
  • Community
  • Journalism
  • logo

Support the independent voice of Miami and help keep the future of New Times free.

See also "The 15 Richest Musicians: From Jay-Z to Rihanna, Justin Bieber, and Dr. Dre."

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.

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?

Follow Crossfade on Facebook and Twitter @Crossfade_SFL.

Keep Miami New Times Free... Since we started Miami New Times, it has been defined as the free, independent voice of Miami, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Miami with no paywalls.

We use cookies to collect and analyze information on site performance and usage, and to enhance and customize content and advertisements. By clicking 'X' or continuing to use the site, you agree to allow cookies to be placed. To find out more, visit our cookies policy and our privacy policy.

 

Join the New Times community and help support independent local journalism in Miami.

 

Join the New Times community and help support independent local journalism in Miami.