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Tue Oct 21 05:41:02 SAST 2014

Bono's Facebook stake to make him world's richest rock star

Times LIVE | 05 February, 2012 15:19
Bono listens to Obama speak at a World AIDS Day event at George Washington University in Washington
U2's singer Bono.
Image by: KEVIN LAMARQUE / REUTERS

Bono’s stake in Facebook is about to make him the richest rock star on the planet when the company floats on the stock exchange.

NME reports that the U2 singer owns 1.5% of the shares in Facebook through his private equity firm, Elevation Partners.

Under current valuations, when the social networking site floats on the stock exchange later this year, Bono's shares will be worth just under $1 billion.

Bono's firm invested in Facebook in 2009, paying around $90 million for its shares.

The music site says the development means Bono could be worth, on paper at least, as much as $1.1 billion, some $300 million richer than the current most-wealthy rock star, Sir Paul McCartney.

Bono shouldn't expect to be able to go on a huge shopping spree straight away, the report says.

He can't sell his shares all at once and risk the valuation plummeting, while the actual value of each share can rise or fall instantaneously from day to day.

Part of the money, when released, is expected to go to some of Bono's charity projects, most of which focused on humanitarian aid in Africa.

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Tue Oct 21 05:41:02 SAST 2014 ::