Facebook IPO to Make Bono the "Richest Man in Rock"
Bono better have "Beautiful Day" on full blast!
Thanks to Mark Zuckerberg and Facebook historic IPO (Initial Public Offering) on Friday, the U2 singer's investment group is predicted to be worth over $1.5 billion.
According to Nasdaq, Bono's equity firm, Elevation Partners, bought 2.3% of Facebook in 2009 for $90 million. The social network company is expected to raise $16 billion with its IPO.
Nasdaq reports the IPO will make Bono the "richest man in rock" -- a title previously held by Sir Paul McCartney, who is worth an estimated $1.05 billion. Over the past two years, Bono has earned approximately $195 million from record and concert sales.
However, Rolling Stone notes, Bono may not reach the "richest man in rock" status as Elevation Partner's money would be split amongst investors in the group.
Regardless, Bono has said he plans to donate much of his earnings to his charitable work in Africa.