Facebook IPO could mean big money for Bono
(CBS News) The U2 song "Elevation" might now refer to its frontman's net worth.
According to reports, Bono's stake in Facebook could net him big bucks, now that the social networking website has gone public.
Britain's NME.com reports that Bono's investment group, Elevation Partners, owns a 2.3 percent stake in Facebook. According to the website, Elevation paid $90 million for the shares in 2009, which could now net more than $1.5 billion dollars.
NME reports that Bono was set to become wealthiest musician in the world (overtaking Paul McCartney) because of his Facebook stake, but Rolling Stone points out that the money would be split among various partners and investors associated with Elevation Partners, and the U2 frontman has also said that money from his investments will be largely directed to his philanthropic works in Africa.
On Friday afternoon, Bono dismissed the speculation that he could become the world's richest rocker.
"Contrary to reports, this boy is not a billionaire, or going to be richer than any Beatle," he said in an interview on MSNBC. "In Elevation, we invest other people's money - endowments, pension funds. We do get paid, and that is a good thing. I'm blessed. But you know, I felt rich when I was 20 years old and my wife was paying my bills. Just being in a band, I've always felt like this, being so blessed. I got interested in technology because I'm an artist, I'm interested in the forces that shape the world ... Technology is huge, I wanted to learn about it."
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