Back in 2009, U2’s front man Bono, through his investment vehicle Elevation Partners, bought a one percent stake in Facebook for $90 million. From Wednesday’s $5 billion Facebook initial public offering (IPO) Bono is set to make almost $1 billion, making him the richest rock star on the planet.
To put his possible wealth into perspective – currently Sir Paul McCartney, the former Beatle, is the richest rock star in the world with a wealth estimated at $600 to $750 million.
Bono’s Elevation Partners original investment, one percent of stock for $90 million, was a very smart move by Bono who is already worth $200 million. Not a bad year, money-wise, for Bono whose “360 Tour” with U2 was dubbed the highest grossing jaunt of 2011, taking in $293 million, according to NME.
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However, Bono’s latest investment windfall with Facebook has raised some questions. The International Business Times yesterday questioned whether “Saint Bono” would “Pay Tax on Facebook IPO Windfall?”
They cited Bono’s controversial move in 2006, moving his business affairs from Ireland to the Netherlands after Ireland capped the previously generous tax breaks for artists. This move led to protests against U2 at Glastonbury in 2011.
At the time even politicians branded the move as a cynical ploy especially as Bono, who is heavily involved in charity, was asking the Irish Government to give more to poverty relief.
It’s also believed that Facebook going public will mean the website’s founder Mark Zucherberg will be named as one of the top 50 richest people in the work according to Yahoo. His shares have a net worth of $16 billion.
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Switch to the desktop site to post a comment.misneac | Feb 04, 2012, 03:20 PM EST
As an Irish taxpayer I vomit when I read any more about this publicity crazed tax dodger Bono ! No doubt the little boll***ks will soon appear at another economic forum telling the real workers and job creators where they have been going wrong !!!
awoken32 | Feb 04, 2012, 06:29 AM EST
A billionare now??? i agree with ye bogsidebunny on this one,he bangs on about the poor all the time an never gives them a penny of his own fortune never hands a penny in tax to his motherland,sure even when the imf came over to ireland have a guess who they went to dinner with?? yes holy bono,an who played a concert in south africa when he sang kill the boers to the audience when their is a genocide in south africa against the white population with a media blackout,bono is nothing but a pure hypocrite,his freinds are some of the biggest terrorists in the world,talk about a wolf dressed in lambs clothing
seansarto | Feb 04, 2012, 12:40 AM EST
Bono is now selling the innocence of all those who made him famous..Facebook will now be a private Intelligence agency to manipulate the terms of that innocence.
Woodman | Feb 03, 2012, 08:09 PM EST
Bono will keep the windfall along with his first dollar, while he beseeches Joe Six pack to send money to Africa. Charity won't see a penny of Bono's money, it never does. Everything he's seems to have done for charity is for his own self promotion and marketing. The Irish gov't won't see a penny of it either since Bono and co pulled that tax dodge a few years back, changing his tax citizenship to the Netherlands.
sirpeter | Feb 03, 2012, 05:43 PM EST
I have nothing to say against Bono.He has been around a long time.Not much a person could say against him.
JBRAFTREE | Feb 03, 2012, 04:32 PM EST
Nothing's ever wrong with wise investing. Good for him.
supersurvivor77 | Feb 03, 2012, 04:01 PM EST
CATHOLICABUSESURVIVORSNI.COM--- HES CAN STROLL AROUND THE POPES GARDEN AT THE VATICAN NOW HE HAS THE SAME POCKET MONEY AS UNBIBLICAL OLD RED SOX, DISCUSSING HOW BEST HE CAN CONTINUE TO AVOID EVER SAYING A SENTENCE ON THE RAPE AND TORTURE OF IRELANDS CHILDREN BY THE PAPAL KABAL.
jmccarten | Feb 03, 2012, 12:16 PM EST
Bono is a great guy, I would rather have him deciding to distribute where his money should go through his charites than have the Irish government take it in taxes and waste it.
brennanirish | Feb 03, 2012, 11:18 AM EST
Since Bono is still relatively young and prone to philanthropy, by minimizing his taxes and building wealth through compunding of interest, Bono can develop a much bigger fortune down the road. This will undoubtedly help the IRISH more than had he over-paid taxes. AND HE HAS HELPED THE IRISH PLENTY. Its not hypocritical. Its smart business. Tax Dodger? Thats a crime and he's not even accussed. Rock actually stands for something? You've watched to many reruns of Jack Black in "School of Rock"........He should write a song about Irish-Pukers, inspired by this crank website.
Fran Connor | Feb 03, 2012, 09:35 AM EST
One percent of five billion equals one billion?
hollabackgurl | Feb 03, 2012, 09:15 AM EST
U2 have been the face of corporate rock and roll for 20 years. Ever since they unveiled all those overpriced, bloated concerts. Now he's just another corporate shill 1% - the antithesis of everything rock stands for.
LoyalCitizen | Feb 03, 2012, 08:15 AM EST
@brianmack: There is nothing better than a tax dodger who refuses to bank his money in his own country...........Taxes need to go to schools, hospitals and services.......How humanitarian is he?????????
brianmack | Feb 03, 2012, 07:39 AM EST
Paul David Hewson, Bono, Anglican mom and Irish Catholic dad. That combination seems to work wonders. A great talented humanitarian and a wonderful reflection on how reconciliation makes for a better Irish country.