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U2 frontman surpasses Paul McCartney, turns a massive profit on $90 million investment Photo by: Google Images

Facebook makes new billionaire Bono the richest rock star of all

\"U2

U2 frontman surpasses Paul McCartney, turns a massive profit on $90 million investment Photo by: Google Images

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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