Bono, already one of the richest stars on the planet, will become the richest star on the planet after Facebook floats tomorrow.
Bono and U2. image by Ros O'Gorman
Estimates are that Bono could be worth over $1 billion when Facebook is officially listed on the NASDAQ on Friday.
Not that he needs the money, Bono is estimated to be worth around $900 million now.
When U2 started to rake in the big bucks Bono set up an investment company called Elevation Partners. Elevation purchased 2.3% of Facebook in 2009 for $90 million. It still retains 1.08% of Facebook. Facebook is expected to be worth $100 million after tomorrows float making Elevation’s share worth $1.08 billion.
Elevation Partners started in 2004. The company was founded by former Silver Lake Partners Roger McNamee and Marc Bodnick with Fred Anderson from Apple and John Riccitiello from Electronic Arts. Elevation Partner was named after the U2 song ‘Elevation’. Bono bought into the business around the same time.
Elevation also controls a stake in Yelp.
It is unknown how much of Elevation Bono owns. Regardless, expect to see him at the top of the next Entertainment Rich List soon.
