Headlines rang out today as Facebook IPO’d, claiming that U2 singer Bono was now the world’s richest musician. Bono invested in the now public company Facebook through his investment firm Elevation Partners, which now has a $1.5 billion stake in the approximately $100 billion company. Although Bono can make some nice change off of the deal, he put the rumors to rest in an interview with MSNBC:
“Contrary to reports, this boy is not a billionaire or going to be richer than any Beatle, and not just in the sense of money by the way – the Beatles are untouchable. That’s just a joke.”
Bono was referring to Paul McCartney, who now holds the title for richest musician in the world with a net worth of approximately $800 million. Elevation Partners turned a $90 million investment into $1.5 billion – not quite the return of some very early investors, but definitely something to drool over in the venture capital world. However, Bono doesn’t get 100% of the investment:
“In Elevation, we invested other people’s money, endowments, pension funds. We do get paid, and that is a good thing. I’m blessed. But, you know, I felt rich when I was 20 years old and my wife was paying my bills. Just being in a band, I’ve always felt like this.”
Facebook set their share price at $38, starting off on their opening day (May 18) with a bump up to $45 a share at one point but ending the day back at their opening price at a closing of $38.23. Many other online consumer companies saw modest to high drops in share price due to the frenzy over Facebook. While banks might not be happy with the first of Facebook trading, investors like Bono are still sitting pretty.