Looks like Bono invested wisely. His Elevation Partners investment firm bought 2.3 percent of Facebook in 2009 for $90 million, and that investment could be worth over $1.5 billion when all is said and done after Friday’s (May 18) IPO, according to NASDAQ.
Facebook’s stock was priced at $38 on Thursday and opened Friday at $42.05. It hit $45 at one point during trading Friday but has mostly stayed around $40.
Some outlets are reporting that Elevation Partners’ expected gain would make the U2 front man the richest rocker alive, but as Rolling Stone points out, that’s not necessarily the case. The money will be split among various investors and partners, and additionally, Bono would not be allowed to sell all of his shares in one fell swoop.
The current richest musician is Paul McCartney, whose fortune is estimated to be $1.05 billion.
Must be nice.