|Billionaire Bono Reports A Joke, Singer Says
Posted: May 24, 2012
DUBLIN (CelebrityAccess MediaWire) -- U2 frontman Bono has described reports that the Facebook IPO made him a billionare as a 'Joke.'
Bono joined private equity firm Elevation Partners in 2004 and the firm bought a 1% stake in Facebook in 2009 for $90 million. Some media reports claimed that the Facebook IPO would net Bono about $1.5 billion, putting him ahead of former Beatle Sir Paul McCartney’s reported fortune of $1 billion.
Well, it just isn't so claims Bono.
"Contrary to reports, I’m 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 – those billionaire reports are a joke," Bono told MSNBC.
Despite a lot of hype, Facebook's IPO proved to be something of a flop, with the company's share price tanking by almost 20% within days of initial offering, despite support from the IPO's underwriters.
In addition to Facebook, Elevation's portfolio includes Forbes, Move Inc, SDI Media, Palm and Yelp. - CelebrityAccess Staff Writer