College Times

Facebook IPO could make Bono the richest musician on Earth

By Salvador Rodriguez, Los Angeles Times

Published: Friday, May 18, 2012

Updated: Friday, May 18, 2012

 

LOS ANGELES — Bono could become the richest musician on the planet after Facebook Inc.’s first day of trading, according to numerous reports.

The lead singer of the rock band U2 owns 2.3 percent 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 his investment group, 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.

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.

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