U2 frontman Bono is laughing all the way to the bank thanks to the Facebook and the IPO that has made him a billionaire.
The mega-wealthy singer is now rich beyond his wildest dreams thanks to his canny investment in the social media sight.
The Dubliner is set to become the richest musician in the world thanks to Facebook.
Bono, mocked for years over his new tech investments, has hit payola via his Elevation Partners investment firm. He is now richer than Paul McCartney, previously the king of rock billionaires.
The company will be sitting on a multi-billion dollar profit according to the Irish Independent, as Facebook shares began trading in New York this morning.
Facebook shares are expected to floated at $38, pricing the company at $104billion but they are expected to rocket in value immediately according to the Irish Independent.
Elevation Partners paid $90million for a 2.3 per cent stake in the company in November 2009 at a time when it was ridiculed for being ‘arguably the worst-run institutional fund of any size in the United States’ according to the influential investing eblog, 24/7 Wall Street.
The Facebook floatation will now value that $90million investment at a whopping $2.4billion with Bono’s stake now worth as much $1.5billion.
An estimated eight staff members at Facebook’s Dublin office will become millionaires on the back of the floatation.
More than 130 other Dublin employees hold shares that will be valued at more than $130,000.
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Switch to the desktop site to post a comment.BrianO | May 19, 2012, 08:37 PM EDT
proud canadian you might want to go by proud marxist since you do not listen to fact.
chicksooze | May 19, 2012, 03:36 PM EDT
Well said mamaginnty. Jealousy seems to be rampant on here. It is not Bono's responsibility to take care of Ireland, in case you didn't know. Why is it up to him to carry the country on his back. And just in case you didn't know there are many many many millions that are a LOT worse off than the average Irish person, that's where his focus is. And honestly if I was him, I certainly wouldn't want to pay taxes to those robbers, nor would anyone else, so stop with the oh hes such a bad person, he doesn't pay taxes. Grow up.
Bythebay | May 19, 2012, 12:47 PM EDT
Now Bono Paul Hewson is claiming he's not the richest rockier in the world!! (this at yet another world hunger meeting in the US) Ha, ha, afraid of the taxman, Paul?
Bythebay | May 19, 2012, 12:42 PM EDT
chicksooze, what has Bono done for Ireland?
Bythebay | May 19, 2012, 12:39 PM EDT
mamaginnty, what has Bono done for Ireland? He doesn't even pay taxes here.
mamaginnty | May 19, 2012, 11:38 AM EDT
LoyalCitizen and Bythebay I wish you both would just dry up and blow away, you give our beloved Ireland such a bad name. I am beginning to think you are related to GoergefrigginDillon, never have a good word to say about anyone, jealousy is a disease that eats away at people. I admire Bono for what he has done for Ireland and elsewhere. Fair play to him for investing in Facebook, don't you two wish you had bought a few shares, they were going cheap.
canadianirish | May 19, 2012, 11:02 AM EDT
I love and respect Bono. He seems a good, decent man who cares deeply for the less fortunate of the world and puts his money where his mouth is. However, there is the perception that he needs to do more for the less fortunate of Ireland. My hope is that his heart leads him in that direction. He's a great man who I'm confident will do the right thing.
errigal | May 19, 2012, 10:47 AM EDT
I DON'T REALLY CARE. WHAT I WOULD LIKE TO KNOW WHAT HAS BONO DONE FOR IRELAND?
awesumbongg | May 19, 2012, 02:34 AM EDT
.. better sell it quick before it dives down to true value - a penny stock .. lol .. maybe next week, huh?
ProudCanadian | May 19, 2012, 12:47 AM EDT
Hey Brian 0 that is a crock of you know what. The rich may pay taxes but they get all or a great amount back like I said it is called tax shelters or tax loopholes and don't tell me that the rich in the US don't have them. I know for a fact that Robert Kiyosaki(The Author of Rich Dad Poor D) has tax shelters so don't give that garbage.
gaultjohn | May 18, 2012, 10:05 PM EDT
A billionaire who will actually use his fortune to make many lives better through his charities and activism. Not all the super rich are busy stealing pensions and kicking Grandma out of her home.
BrianO | May 18, 2012, 08:58 PM EDT
Proudc don't know how they taxes are up in the great white north, but back here in civilization the top 1% pay 40% of the taxes, saying something is a lie doesn't make it so.
ProudCanadian | May 18, 2012, 05:30 PM EDT
Boy oh boy from Brian0 to Bythebay and of course we can't forget Murph. The Jealousy is extremely rampant on here today. Not a word of truth out of any of them as usual, just Right wing retoric. Bono has done a lot for the Irish people and for the world for that matter and for not paying taxes well I don't hear of Trump or limbaugh or any other rich person paying taxes they have tax shelters.
chicksooze | May 18, 2012, 04:17 PM EDT
BTB, jealousy isn't pretty either and certainly not worthy of admiration. Bono has done his share of charity work and is quite an admirable man, Ireland should be proud.
Bythebay | May 18, 2012, 03:41 PM EDT
Greedy behavior and exploitation of the Irish people for one's own ends not only isn't pretty but it's not worthy of admiration either.
Bythebay | May 18, 2012, 03:34 PM EDT
Bono used his birth in Ireland for his own gain. He contributes nothing to Ireland.
allan07 | May 18, 2012, 03:27 PM EDT
@Bythebay in the real world no-one wants to pay taxes. Thats called self interest and we all have it even if your not willing to show it or demonstrate it. Do you thing anyone wants to pay taxes? Does Richard Branston, Sir Alan Sugar, Warren Buffet, etc, etc? If you earn money then you are entitled to say what or how you can utilise it. Thats called freedom to control your own assets in the way you want. We dont live in a dictatorship. Thank god. So make your own money and then utilise it in whatever way you want. Simples. I dont like this sniping at someone who has made their own money. Its theirs. Make your own and you can employ tax accountants to legally keep your own money. Why carry on sniping at someone whom is successful. It makes no sense to me. Jealous behaviour is not pretty. One day they will be a cure for all cancers but they will never be a cure for jealously.
Bythebay | May 18, 2012, 02:23 PM EDT
Bono, real name Paul David Hewson, doesn't pay Irish taxes at all. He's a supreme insult to the Irish people who wouldn't give anyone the time of day.
BrianO | May 18, 2012, 01:56 PM EDT
Why so critical of Bono, the jealousy is thick.
jed1982 | May 18, 2012, 11:53 AM EDT
Poor auld bono whinging about about third world poverty and he wouldn't give you the dirt from under his fingernails.
BrianO | May 18, 2012, 11:53 AM EDT
Proudcanadian, it must have hurt to congratulate an investor for a speculation that work out. If your ilk of control freaks would get out of the way the poor would be better off. Hoarding wealth? do they put it in a mattress?
Murph46 | May 18, 2012, 11:35 AM EDT
I love liberals telling everyone else exactly what to do with their money,says so much doesn't it?
dude19 | May 18, 2012, 11:31 AM EDT
Bono might have hit paydirt, but he didn't hit payola. Payola is a bribe.
durtymurphy | May 18, 2012, 11:00 AM EDT
Maybe he will buy Africa and give it a facelift..
ProudCanadian | May 18, 2012, 10:21 AM EDT
Congrats to Bono, now do something good with all that money ie: help the poor and don't hoard it like so many billionares do in the States.
LoyalCitizen | May 18, 2012, 10:06 AM EDT
Now he can pay his taxes...............Now he can afford to bank in Ireland and stabilise the country.............Now he can afford to practise what he preaches and help out the starving Africans.