Bono's beautiful day thanks to facebook
U2's business-savvy frontman Bono is preparing to become the richest music star when the shares of the social media networking go on public sale
U2 frontman Bono’s wealth is set to rocket after the sale of social media giant Facebook. In 2009 the singer’s private equity firm, Elevation Partners, invested in 1.5 per cent of the company.
This initial purchase cost Bono’s company USD 90 million (Rs 490 crore). Now, Facebook is up for sale to the public via the stock market, at an estimated value of USD 100 billion.
Once Facebook’s shares are launched on the stock market today, Bono is expected to be worth USD 1.5 billion. He is already one of the world’s highest paid musicians. In the last two years, he has taken profits of around USD 195 million (Rs 1,060 crore) from record sales and concert receipts.
Along with other ventures, this particular investment is set to make him the richest rock star in the world. The sale will see him surpass the next wealthiest music legend, Sir Paul McCartney who is worth around USD 1 billion.
Facebook was only created eight years ago in CEO Mark Zuckerberg’s university dorm. After the IPO, Facebook CEO Mark Zuckerberg’s shares could be worth as much as USD 24 billion.
Interest in the stock market move is high and Facebook has already boosted the number of shares on offer to more than 420 million — increasing its valuation even further.
Richie Rich of the music industry
>> Paul McCartney’s net value is believed at USD 660 million (Rs 3,588 crore)
>>Jay Z has an estimated net worth of USD 460 million, (Rs 2,500 crore).
>> Forbes has named Madonna the world’s richest female musician, with a conservative estimate of USD 325 million (Rs 1,767 crore).
>> P Diddy has a net worth of USD 475 million (Rs 2,582 crore)