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In the Media

article imageFacebook IPO makes U2's Bono the richest musician in the world?

article:325143:16::0
By R. Francis Rubio
May 19, 2012 in Entertainment
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London - Reports suggest that thanks to Facebook, U2's frontman Bono has overtaken former Beatles Paul McCartney in accumulated wealth to make him the richest musician in the world.
NME reported Thursday that Bono was set to steal the wealth-crown from the reigning king Sir. Paul McCartney after the popular social network Facebook went public on Friday.
Private equity firm Elevation Partners (which the singer is in partners with) bought approximately a 2.3 percent stake in Facebook three years ago and has yielded a profit of $1.4 billion-$1.5 billion on its opening day on Wall Street Friday.
Elevation Partners purchased their stake in the social network back in 2009 for the sum of $90 million and even with the stock's debut falling somewhat flat, the firm still made a sizable profit on their investment.
However, Bono denies his new-found status, telling MSNBC: "Contrary to reports, I'm not a billionaire or going to be richer than any Beatle - and not just in the sense of money," adding, "by the way, The Beatles are untouchable - those billionaire reports are a joke."
Also, as shown in the brief video posted above, the singer denied the claim once again Friday when a reporter asked him what it was like to be “one of the wealthiest entertainers on the planet." In the clip Bono smiled, shrugged his shoulders and said: “I don’t think it’s true," then continued walking.
It is still unclear either way given the fact that it is not yet known how many Elevation Partners are poised to split the Facebook profits. Although, with an estimated worth of $300 million-$900 million prior to Friday's opening, Bono has been definitely nipping at the heels of McCartney's top estimated wealth of $1.05 billion for some time now.
article:325143:16::0
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