• All Share : 51462.57
    UP 0.68%
    Top 40 : 4260.25
    UP 0.62%
    Financial 15 : 14884.34
    UP 1.15%
    Industrial 25 : 60029.86
    UP 0.47%

  • ZAR/USD : 10.7430
    UP 0.73%
    ZAR/GBP : 17.6899
    DOWN -0.15%
    ZAR/EUR : 14.1090
    UP 0.75%
    ZAR/JPY : 0.1022
    DOWN -0.03%
    ZAR/AUD : 9.9631
    UP 0.09%

  • Gold : 1262.9000
    DOWN -1.83%
    Platinum : 1410.0000
    DOWN -0.98%
    Silver : 19.1735
    DOWN -1.50%
    Palladium : 884.0000
    DOWN -2.21%
    Brent Crude Oil : 100.580
    UP 0.24%

  • All data is delayed by 15 min. Data supplied by INET BFA
    Hover cursor over this ticker to pause.

Tue Sep 02 23:24:28 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.

SHARE YOUR OPINION

If you have an opinion you would like to share on this article, please send us an e-mail to the Times LIVE iLIVE team. In the mean time, click here to view the Times LIVE iLIVE section.
Tue Sep 02 23:24:29 SAST 2014 ::