Famous rocker and U2 frontrunner, Bono, is one of the most successful musicians in the industry. However, recent reports indicated that the singer has made more money with his Facebook investment through an investment group he co-founded. The return on investment is reportedly bigger, as compared to his music career.
Bono acquired the Facebook shares through a company he co-founded in 2009 named Elevation Partners with five other partners, reports U.K.'s The Mirror. The U2 frontman reportedly bought a 2.3 percent share in the social media network for £56 million (approximately $86 million with current foreign exchange rates). According to reports, the share is now worth £940 million ($1.4 billion).
The Mirror report further mentioned that Bono's business venture has earned the singer more in the last six years as compared to profits he earned all throughout his illustrious music career. The news site also claimed that Bono has overtaken Beatles legend Sir Paul McCartney as the world's richest musician. The singer and songwriter, who is married to Nancy Shevell, is reportedly worth £730 million ($1.1 billion). Madonna is reportedly also on the list with £520 million ($799 million).
However, a report from The Independent stated that Bono's Facebook investment has not made the U2 singer the world's richest musician. The news outlet explained that the Elevation Partners' $1.4 billion stake in the social media network would need to be divided amongst the founding partners.
The singer's take-away, according to Fortune's Dan Primack, is more likely around $43 million, reports Value Walk. Primark explained that aside from the estimated cost of the shares being split amongst the six founding members, what should be taken into account is that Elevation Partners will only get 20 percent of the profit on the deal.
Value Walk reportedly tried to get in contact with Elevation Partners, however, the company declined to comment on the news.
