Photo: BI Illustration
UPDATE: The original stories were wrong, and based on some fundamental misunderstandings of how venture capital works. Glenn Peoples at Billboard.biz explains that Bono will be lucky if he made $10 million from the sale. That’s million with an “m.”
Back in 2009, the musician smartly bought 2.3 per cent of shares for $90 million in the social networking company through his private equity firm, Elevation Partners.
With Facebook now going public, Bono could personally take a majority of the possible $1.5 billion in returns.
The current richest musician, Paul McCartney, has a totaled fortune of approximately $1.05 billion.
Prior to the IPO, Bono had a net worth of around $900 million thanks to a successful 30 year career. His latest “360” tour was the highest grossing tour of 2011, raking in over $300 million.
Despite the big pay day, Bono is showing no sign of slowing down. U2 has been in the recording studio and are reportedly working with hip, upcoming names in the music industry like Danger Mouse, RedOne, David Guetta and the songwriters behind the British pop boy band, One Direction.
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