Bono just got $1.5 billion richer
ON THE WEB, 19 May 2012 (News.com) — Bono yesterday became the richest musician in the world, reports say, stealing the title from Paul McCartney.
According to the British music magazine NME, with the initial public offering of Facebook stock, Bono will substantially boost his wealth.
The U2 front man was wise enough to buy into the social media network in 2009, purchasing 2.3 per cent of the shares in Facebook through his private equity firm, Elevation Partners. While Bono's firm bought the shares for $US90 million three years ago, the shares are now valued at $US1.5 billion ($1.53 billion).
Meanwhile, the former holder of the title of world's richest musician — former Beatle McCartney — is worth just over $US1 billion.
But Bono downplayed his personal gain from Facebook's IPO, telling MSNBC's Andrea Mitchell "contrary to reports, this boy is not a billionaire or going to be richer than any Beatle," in an interview yesterday on "Andrea Mitchell Reports."
Calling The Beatles "untouchable," he added that at his financial firm "we invest other people's money" so the yield would not solely benefit the rocker, though he conceded "we do get paid and that is a good thing."
The Irish musician insisted that he has felt very blessed for much of his life, even as a struggling singer in his 20s, when "my wife was paying my bills."
Bono's reported new wealth doesn't mean that the singer is headed toward retirement. NME also reports that U2 is back in the studio, working with several new creative collaborators.
"The band [is] back in the studio getting a feel for new material after the last album 'No Line On The Horizon'. Will.i.am had a credit on that and they are looking to explore that direction further," a source told the magazine.
Published in News.com