Anorak

Now That Bono's a Billionaire from Facebook can he start spending his own money? | Anorak

Posts Tagged ‘Now That Bono’s a Billionaire from Facebook can he start spending his own money?’

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).

Read the rest of this entry »

Posted: 18th, May 2012 | In: Celebrities | Comment