U2's Bono to Become the World's Richest Musician (Report)
LONDON - U2 frontman Bono will become the richest musician in the world thanks to the Facebook IPO, overtaking Paul McCartney, according to NME.
Facebook is set to float on the stock exchange and all its early investors are set to earn huge amounts of money from the flotation, with the Irish singer among them.
Private equity firm Elevation Partners, which the U2 singer joined after it was created in 2004 by co-founders Roger McNamee and Marc Bodnick, owns a 2.3 percent stake in Facebook, which it bought for $90 million (£57 million) in 2009 and now stands to make a handsome return.
Given the social media company is valued at over $100 billion (£63 billion), this makes Elevation's stake worth more than $1.5 billion (£940 million). It is unclear exactly how much of Elevation's gains from the IPO would go to Bono, but it may push his worth beyond that of McCartney's fortune of £665 million ($1.05 billion), it said.