Now That Bono’s a billionaire from Facebook can he start spending his own money?
THE Irish Independent reports today that Bono has just become a billionaire as a result of the flotation of Facebook. It makes him the richest rock star on the planet:
Elevation, which invests in media, technology and music companies, paid around $90m for just over 2.3pc of the company in November 2009. At the time Elevation had a reputation as “arguably the worst-run institutional fund of any size in the United States”, according to the influential investing blog, 24/7 Wall Street.
Now however, that stake will be valued at about $2.4bn (€1.9bn), of which Bono’s share will be as much as $1.5bn (€1.17bn). That profit will push Bono ahead of Paul McCartney as the richest musician on the planet. The former Beatle is worth as estimated £665m (€827m).
Which leads us on to the next interesting question. Now that Bono is securely established as one of the richest people on the planet will he start spending his own money on African development?
Or is he going to still run around insisting that our tax money should be: taxes which, note, he’s rather good at avoiding by running U2’s business through the Netherlands….