Facebook set to make U2 star a billionaire

Bono is set to become the richest rock star in the world this afternoon when Facebook finally starts trading on the New York stock market.

Bono

Bono

The star’s investment company, Elevation Partners, bought 2.3% of Facebook in November 2009 for $90m.

Elevation Partners has a history of investing in music, technology and media companies but they had not always been a success.

In fact investment blog, 24/7 Wall Street, branded them ‘arguably the worst-run institutional fund of any size in the United States’.

Facebook is worth $104bn

However that is set to change when shares in Facebook are floated on the Nasdaq stock exchange. A single share will go for $38. That price means the company is valued at an incredible $104bn.

That means that the value of Elevation Partners’ shares has risen from $90m to $2.4bn in less than three years. Bono’s share of that comes to around $1.5bn (€1.17bn).

This makes him the richest rock star on the planet, easily ahead of Sir Paul McCartney whose wealth is around £665m (€827).

Facebook’s Initial Public Offering (IPO) is set to make a small fortune for several high ranking employees. Over 100 staff in Dublin have shares that will be worth over €100,000.

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Michael Kehoe

Michael Kehoe is a writer for Irish Music Daily and Ireland Calling. His favourite Irish Music bands are Flogging Molly and the Dropkick Murphys.

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