A Facebook Billionaire? Not Me, Says Bono
Bono has denied claims he will become a billionaire - and the world's richest rock star - on the back of the Facebook flotation.
There had been reports that the canny investment made U2 frontman's wealth outstrip that of Sir Paul McCartney, said to be valued at £665m.
But Bono has downplayed his personal gain from Facebook's Initial Public Offering (IPO).
"Contrary to reports, this boy is not a billionaire or going to be richer than any Beatle," he told MSNBC.
"And not just in the sense of money, by the way, the Beatles are untouchable - those billionaire reports are a joke."
The rock star's investment group Elevation Partners was wise enough to put money into the social networking site, taking 2.3% of the company in late 2009.
The flotation means Elevation is now worth way in excess of £1bn, but Bono is joined by nine other directors who stand to profit.
Friday's IPO of Facebook shares on the Nasdaq stock market was one of the biggest ever floats, and netted co-creator Mark Zuckerberg more than $1bn.
The flotation made the site worth about $105bn - more than Amazon.com, McDonalds, Hewlett-Packard and Cisco.
By the end of the day, more than 500 million shares had changed hands.
But despite the hype, shares in the company closed up just cents up on their first day of trading after being priced at $38 each.
Nick Einhorn, an analyst with IPO advisory firm Renaissance Capital, said: "It wasn't quite as exciting as it could have been but I don't think we should view it as a failure."
Mr Zuckerberg, who sold about 30 million shares, will retain a controlling stake in the company, making him worth an estimated $19.1bn - the 23rd richest person in the world at the age of 28.
He said: "Right now this all seems like a big deal. Going public is an important milestone in our history.
"But here's the thing - our mission isn't to be a public company. Our mission is to make the world more open and connected."
But the company's laid-back management style that sees Mr Zuckerberg wear his trademark hoodie and sandals may also have to change now the company is accountable to shareholders.
what do you think?
And he preaches about giving to the poor HYPOCRITE !! Now there a song title for the future
oh dear it must be terrible for him
Do you really expect him to give all his money away? Bono does do a lot for charitable causes but that doesn't mean he has to donate everything he has.
He also move his business out of Ireland to avoid paying Tax. Time to curb celebrities / Actors / media ripping off the public
get with the times ted....its billion now....gotta have a few
Poor old Dog-biscuit! The man's a hypocrite and a greedy, bespectacled urchin.
You're getting confused. The dog biscuit was called Bonio, as opposed to U2's Bono. Failed again , eh.
i just dont get U2 but dont shout about becoming a billionare and at the same time making out you have concerns for the needy of this world , a complete hypocrite
PUT YOUR HAND IN YOUR POCKET YOU COULD BY A COUNTRY IN AFRICA WITH THE MONEY YOU'VE MADE FROM MEDIOCRE MUSIC AND RUBBISH LYRICS!!!!!! Hypocrite!
*buy darned prodictive text
Hey Bono we have something in common - I'm not a billionaire either LOL
bono...... share your wealth with the starving millions
He does. But why should he share it ALL?
Ricky Tomlinson gave away most of what he had earned to help out those most in need. A real gent!
Anyone questioning bono 's humanitarian and charitable work need to wake up, the guy is an inspiration. Get educated before commenting
I think he is a complete prat and a hugely irritating, sanctimonious pseud. BUT, I can't criticise the man for his charitable work - very few people do as much as him for the worlds' poor. That can't be taken away from him.
An inspiration ? Keep your own money and get other with little to give to charity Now that he has inspired me Please send you donations to the Mike Hawkins
Windows Live User
Windows Live User
Windows Live User I need to buy some for the dingy thanks for the reminder
And I still haven't reached a billionpounds
Can't say I am a fan of bono u find him very rude and think he is a big hypocrite
Is this the man who wants us all to dip into our pockets for Africa while his £squillions are resting safely in an offshore tax haven .. HYPOCRITE
Windows Live User
The Beatles? Didn't they write - The Taxman, Bono?
By my reckoning, given that their are ten equal partners in this company, he has just gained somewhere between £100 million and £150 million depending on which report you read. Genuinely, I think good for him!! Some people can start with loads of money and squander the lot of it and end up on benefits like that guy who won the lottery while others can start off poor like Bono, make some money and make that money work for them. I know which irritates me more! I am sure he has some causes in Africa that he considers the most deserving.
I have no issue with anyone making money - good luck to him I do have issues with Multi millionaires preaching about poverty
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