Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
I am obliged by the laws of financial blogging to do a post somehow relating to Facebook (FB), and since almost every angle on Earth has been examined on this company, I thought I’ll do a fun one. According to this story, Bono’s PE firm – Elevation Partners owns 2.3% of the firm. I’m not sure what stake Bono has in Elevation Partners but the story assumes its 100%. If so, and the Facebook IPO does well today (cough), Bono apparently will pass Paul McCartney as the world’s richest musician. So there you go, something maybe you have not read on another site re: “the IPO of the century!”
- The U2 singer owns 2.3 per cent of the shares in Facebook through his private equity firm, Elevation Partners, which they bought for $90 million (£57 million) in 2009 and now stands to make a handsome return.
- Given the social media company is currently valued at over $100billion (£63 billion), this makes Bono’s share worth over $1.5 billion (£940 million) and puts him well above Paul McCartney, who is currently the world’s richest rock star with a fortune of £665 million.
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Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund’s holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog
