Bono to Become Richest Rocker on the Planet

ET Online
ET FIRST: Bono Remembers Phil Everly
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ET FIRST: Bono Remembers Phil Everly

U2 frontman Bono is reportedly about to become the wealthiest rocker in the world, with his stake in newly public Facebook bringing in an estimated $1.5 billion.

Bono invested in the social media site in 2009, spending $90 million to purchase 2.3 percent of Facebook shares through his private equity firm Elevation Partners. Organizers arranging Facebook's IPO settled on a price of $38 per share and the company and its investors raised about $16 billion in the historic offering.

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Facebook debuted Friday morning on the Nasdaq Stock Market with an IPO that made the company -- started by current CEO Mark Zuckerberg and others in a college dorm room eight years ago -- the most valuable U.S. firm to ever go public.

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The Facebook investment is likely to push Bono into the No. 1 spot of the world's richest musicians, bumping former Beatle Paul McCartney, who is estimated to be worth just over $1 billion.

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But don't expect the charity-friendly rock star to go on a spending spree -- he's said in the past that money raised from his investments will mostly be funneled to his various philanthropic projects in Africa.


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