Bono become the richest musician on the planet after Facebook Inc.’s first day of trading, according to reports.
Elevation Partners, the investment group of the lead singer of the rock band U2, owns 2.3% of Facebook, worth an estimated $1.5 billion based on the company’s IPO, reports the Vancouver Sun.
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 Elevation Partners.
If these reports are acurate, Bono is now the richest musician in the world, beating out former Beatle Paul McCartney. McCartney’s fortune is estimated to be $1.05 billion, according to MTV News.
Bono is estimated by Forbes to own 1.5% of the company, which could be worth about $750 million
Facebook’s stock was priced at $38 Thursday and opened Friday at $42.05.
After initial reports came out saying Bono could become the world’s richest musician, the artist cleared the air on MSNBC.
“Contrary to reports, I’m not a billionaire or going to be richer than any Beatle — and not just in the sense of money, by the way,” he said. “In Elevation, we invest other people’s money — endowments, pension funds. We do get paid of course. But you know, I felt rich when I was 20 years old and my wife was paying my bills. Just being in a band, I’ve always felt blessed.”
Bono also said his interest in technology comes from his interest in “forces that shape the world.”
“Technology is huge, I wanted to learn about it,” he said, addding, “Facebook are an amazing team, a brilliant team, it’s a technology that brings people together.”