• Facebook IPO could make Bono the richest musician on Earth
    5 replies, posted
[url]http://www.latimes.com/business/technology/la-fi-tn-facebook-bono-20120518,0,3694252.story[/url] [quote]Bono could become the richest musician on the planet after Facebook Inc.'s first day of trading, according to numerous reports. Elevation Partners, the investment group of the lead singer of the rock band U2, owns 2.3% of Facebook, worth an estimated $1.5 billion based on the company's IPO, according to various reports on the Web. The Irish artist, who is listed as the 12th-largest owner of Facebook shares by Forbes, invested $90 million in the start-up three years ago through Elevation Partners. Depending on how Facebook's first day of trading goes, Bono could surpass the current richest musician, Paul McCartney. The former Beatle's fortune is estimated to be $1.05 billion, according to MTV News. Bono is estimated by Forbes to own 1.5% of the company, which could be worth about $750 million Facebook's stock was priced at $38 Thursday and opened Friday at $42.05. Since trading began the stock has swung up and down but has generally stayed around $40. For the record, 12:13 May 18: An earlier version of this post said Bono owned a 2.3% investment in Facebook. That is actually the percentage of the company that his investment group owns. His portion of Facebook is less. After initial reports came out saying Bono could become the world's richest musician, the artist cleared the air on MSNBC. “Contrary to reports, I'm not a billionaire or going to be richer than any Beatle — and not just in the sense of money, by the way," he said. "In Elevation, we invest other people's money — endowments, pension funds. We do get paid of course. 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 blessed." Bono also said his interest in technology comes from his interest in "forces that shape the world." "Technology is huge, I wanted to learn about it," he said, addding, "Facebook are an amazing team, a brilliant team, it's a technology that brings people together.”[/quote] I love U2, Bono, and what they stand for. Bono is talented, kind, and a huge philanthropist. Its great to see him as the richest musician, seeing all of the selfish musicians we have today.
I can't look at Bono the same after the south park episode when they said he was actually shit.
[QUOTE=fruxodaily;36047518]I can't look at Bono the same after the south park episode when they said he was actually shit.[/QUOTE] I literally watched that episode 30 minutes ago.
too bad their stocks bombed
[QUOTE=Mr mellow;36047753]too bad their stocks bombed[/QUOTE] They are still worth LOADS of money.
[QUOTE=OogalaBoogal;36048653]They are still worth LOADS of money.[/QUOTE] of course, but still like 12% of what is likely his total wealth is worth is gone. 12-16% like that is what a company would usually gain in value over the course of a couple years unless it was a new blooming upstart
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