InvestmentNews INsider

The INsiderblog

InvestmentNews reporters offer their take on intriguing or controversial articles from around the web.

It's a beautiful day: Facebook IPO makes Bono world's richest rock star

May 17, 2012 @ 2:25 pm


It's become a cliche these days to refer to anyone who is talented or successful in their industry as being a "rock star" of their chosen field. We say this as a way to convey that this person is not only successful, but that he or she is a true influencer among their peers, blessed with a certain amount of charisma and charm and that unique ability to get people excited about their industry.

When people talk about today's "rock stars" of investing, they might point to some of the usual suspects like Warren Buffet, John Bogle or Peter Lynch. But after Facebook's IPO is launched on Friday, the good-old-boys club of savvy investors may have to make room for someone less known for being a successful investor and more known for being a, well, rock star.

Per Nasdaq's website:

    Bono is among the long list of those who will benefit when Facebook goes public on Friday. The U2 singer is set to become the richest man in rock when Facebook shares go on public sale tomorrow, overtaking Sir Paul McCartney who has topped the rock 'n' roll rich-list for years and is currently worth roughly 665 million pounds.

    Bono will overtake that by some distance when Facebook goes public. His Elevation Partners equity firm bought 2.3% of Zuckerberg's company in 2009 for $90 million, and that investment will be worth over $1.5 billion when the deal is done.

    Of course, regular people will say that it must be nice to have $90 million to risk, and they will be right. For most people, $1 million is an amount of money outside of their wildest dreams, never mind $90 million. But Bono, it is fair to say, is not most people.

Nasdaq goes on to note that when Elevation Partners first bought the Facebook stock, it was worth $9 billion; by the end of last year Goldman Sachs had valued it at $50 billion.

Bono's net worth has been estimated to be over $900 million.

Related item: 25 largest listed companies. Where Facebook ranks.


What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video


Top questions surrounding future of DOL fiduciary rule

Reporter Greg Iacurci and managing editor Christina Nelson discuss the biggest uncertainties springing from the Fifth Circuit Court of Appeals' decision to vacate the regulation.

Latest news & opinion

DOL fiduciary rule likely to live on despite appeals court loss

Future developments will hinge on whether the Labor Department continues the fight to remake the regulation its own way.

DOL fiduciary rule: Industry reacts to Fifth Circuit ruling

Groups on both sides of the fiduciary debate had plenty to say.

Fifth Circuit Court of Appeals vacates DOL fiduciary rule

In split decision, judges say agency exceeded authority.

UBS, after dumping the broker protocol, continues to see brokers come and go

The wirehouse has seen 14 individuals or teams leave and five join for a net loss of $2.4 billion in AUM

Merrill vets ready to recharge breakaway recruiting efforts

After regrouping in wake of broker-protocol exits, Snowden Lane Partners is ready to recruit wirehouse brokers and RIAs.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print