Music

Well, it’s official. As of today Bono has one more thing to be smug about. The U2 frontman is set to become the richest musician on the face of the earth later today, when his company’s Facebook shares float on the stock exchange.

The Irish Daily Star reports that Bono is one of several investors who are set for a huge payoff as Facebook heads for one of the biggest ever US stock floatations.

According to reports, Bono is likely to net upwards of €1.2billion thanks to his savvy investment in the social networking website. Not bad for someone who was once dubbed “the worst investor in America” by a prominent financial blog, huh?

We guess there really are some business-smart brains behind those sunglasses then so…

Bono’s private equity firm Elevation Partners managed to snap up 1.5 per cent of Facebook for the massive sum of €156million between 2009 and 2010. However, Bono’s original investment is set to pay off majorly and has increased seven-fold since Facebook decided that it would sell off hundreds of millions of shares to the public today.

This means that Elevation Partners will be laughing their way to the bank as the company will now be worth almost double the amount of U2’s entire estimated worth of €640million.

Bono’s lump sum will see him soaring up Ireland’s rich list, but he will still fall short just behind Hillary Weston and her family, who are estimated to be worth €7.3billion.

That being said, the bespectacled one will now take away the title of richest rock star from former Beatle Paul McCartney, who is only thought to be worth around €828million.

Eh Bono? Any chance you could loan us a fiver?