U2 frontman bono is officially worlds richest rocker-facebook investor

[ninavain]

http://www.mtv.com/news/articles/168...t-rocker.jhtml

Talk about a "Beautiful Day." Once the smoke clears from Friday's (May 18) Facebook IPO
, U2 singer Bono could be the richest musician on the planet.

According to England's NME, the already flush, tech-savvy
 Irish rock icon owns 2.3 percent of the shares of Facebook through his investment group, Elevation Partners. Well before Facebook filed papers to go public, Elevation paid $90 million for the shares in 2009 and after what is expected to be the second-biggest IPO in history, Bono's share could be worth more than $1.5 billion.

As Rolling Stone pointed out, Bono will split any Facebook riches with his partners at Elevation (whose number is not known), so his total haul is undetermined. Also, the singer has reportedly pledged to use much of the money raised from his investments to aid charity work in Africa.

Though some are reporting that Elevation Partners' expected windfall would make Bono the richest rocker alive, this is not necessarily true, as the money will be split among various investors and partners associated with the group. It should also be noted that Bono would not be allowed to sell all his shares at once, and the singer has said that money raised from his investments will largely be directed to his philanthropic work in Africa.

[L-Pink]

Good. Nice to see someone put their own money up for their charity projects.

.

[RebelR]

Originally Posted by L-Pink

Good. Nice to see someone put their own money up for their charity projects.

.

no no.. its not charity, He's just bringing AWARENESS Are you AWARE that Bono is one rich motherfucker.. and for the record.. he will never be #2 again

[gleem]

Originally Posted by RebelR

no no.. its not charity, He's just bringing AWARENESS Are you AWARE that Bono is one rich motherfucker.. and for the record.. he will never be #2 again

LOL, I was thinking of this episode reading this..


As the episode was a satire, it was based on fact... some of these "charities" end up spending 1000million to give out $100,000 in aide.

[NaughtyRob]

Good for him. Very smart.

[kane]

There is also a guy who David Choe who was hired to paint Sean Parker's office. Parker offered to pay him in cash or Facebook stock. He took the stock which will now be worth around $200 million dollars.

[lucas131]

asshole http://www.dailymail.co.uk/news/arti...s-charity.html

[gleem]

Originally Posted by lucas131

asshole http://www.dailymail.co.uk/news/arti...s-charity.html

Exactly:

Bono's anti-poverty foundation ONE is under pressure to explain its finances after it was revealed that only a small percentage of money it raises reaches the needy.

ONE spokesman Oliver Buston has now defended the way the organisation is run, insisting the money is used for promoting its campaign and raising awareness rather than being given straight to those who need help.


The non-profit organisation set up by the U2 frontman received almost £9.6million in donations in 2008 but handed out only £118,000 to good causes (1.2 per cent).


The figures published by the New York Post also show that £5.1million went towards paying salaries.

If that isn't the most typical left-tard charity I've ever heard of. They give water bottles, gourmet food and other stuff to celebs and media, nothing to actual people who are starving they are supposedly helping...

[DamageX]

Originally Posted by gleem

If that isn't the most typical left-tard charity I've ever heard of. They give water bottles, gourmet food and other stuff to celebs and media, nothing to actual people who are starving they are supposedly helping...

That's how pretty much most charities are run. The money spent on overhead (employed workers, PR, fund raisers etc) amounts to about 90% of the donation totals. In reality they really aren't as much charities for the REALLY needy, as they are for the less so. Plus opportunities for the stinking rich to take part, chip in a few bucks and feel good about themselves.

[Grapesoda]

Originally Posted by ninavain

http://www.mtv.com/news/articles/168...t-rocker.jhtml

Talk about a "Beautiful Day." Once the smoke clears from Friday's (May 18) Facebook IPO
, U2 singer Bono could be the richest musician on the planet.

According to England's NME, the already flush, tech-savvy
 Irish rock icon owns 2.3 percent of the shares of Facebook through his investment group, Elevation Partners. Well before Facebook filed papers to go public, Elevation paid $90 million for the shares in 2009 and after what is expected to be the second-biggest IPO in history, Bono's share could be worth more than $1.5 billion.

As Rolling Stone pointed out, Bono will split any Facebook riches with his partners at Elevation (whose number is not known), so his total haul is undetermined. Also, the singer has reportedly pledged to use much of the money raised from his investments to aid charity work in Africa.

Though some are reporting that Elevation Partners' expected windfall would make Bono the richest rocker alive, this is not necessarily true, as the money will be split among various investors and partners associated with the group. It should also be noted that Bono would not be allowed to sell all his shares at once, and the singer has said that money raised from his investments will largely be directed to his philanthropic work in Africa.

won't take long to piss the money off in africa

[djroof]

this is real biz!

[John-ACWM]

Smart music celebrity, good for him, not so many that do this kind of investments.

[JFK]

saw him on one of the news programs, disputing being one of the richest rockers, he said far from it

[Fap]

Actually, he is NOT the richest. paul mccartney is.

Bono's company invested in facebook, not him personally. He is NOT a billionaire (as JFK said he was discussing this on tv)

[Barefootsies]

Originally Posted by Fap

Actually, he is NOT the richest. paul mccartney is.

George Michael is not hurting either.

Assets
According to reports, between the years 2006 and 2008, Michael earned £48.5 million ($97 million)[148] from the 25 Live tour alone, as well as earning millions more for private concerts that he periodically does, such as for Billionaire Vladimir Potanin and super rich fashion shop owner Sir Philip Green.[148] According to the Sunday Times Rich List 2011, George Michael is worth £90 million in currency alone.

That does not include his other 'investments'. Some sources have claimed he's actually really worth somewhere between $150-250+ million dollars in total assets/worth.

[georgeyw]

Originally Posted by Barefootsies

George Michael is not hurting either.



That does not include his other 'investments'. Some sources have claimed he's actually really worth somewhere between $150-250+ million dollars in total assets/worth.

Please tryin converting 90 million pounds to USD

[AllAboutCams]

Why is it always Africa you can see on the tv they have big belly's

[SilentKnight]

The vast majority of the $300million that was raised during the 1985 'Live Aid' concert for Africa by Bob Geldof in 1995 was siphoned off by warlord Mengistu Haile Mariam and his army.

How much does Bono plan to toss down the drain this time?

[MrBottomTooth]

Originally Posted by xxxupdate

Why is it always Africa you can see on the tv they have big belly's

It's an accumulation of fluid in the stomach cavity brought on by extreme lack of protein. There is a medical term for it but the exact name escapes me at the moment.

[DamianJ]

Originally Posted by xxxupdate

Why is it always Africa you can see on the tv they have big belly's

http://www.ecureme.com/emyhealth/data/Ascites.asp

[rogueteens]

Giving cash to Africa is pointless, you may as well just burn it for all the good it does.

[baddog]

Great, it will give the Irish tour guides something new to say.

[baddog]

Originally Posted by gleem

Exactly:




If that isn't the most typical left-tard charity I've ever heard of. They give water bottles, gourmet food and other stuff to celebs and media, nothing to actual people who are starving they are supposedly helping...

I hate to agree with DamageX, but non-profit is not a business model. United Way is one of the better charities, most are money makers for those running it.

Originally Posted by xxxupdate

Why is it always Africa you can see on the tv they have big belly's

Starvation does that to you, the disease these children are suffering from is called Kwashiorkor, a form of malnutrition due to an extreme lack of protein. The large belly is an inflammation - an abnormal accumulation of fluid beneath the skin and their stomachs are the antithesis of full.

[baddog]

[ilnjscb]

Well he's much better at getting rich than he ever was at being a musician.

[johnny o]

elevation partners are the same asshats who went "all in" with palm, which later went out of business.

http://www.elevation.com/EP_news.asp

Palm Secures Additional $100 Million Equity Investment
SUNNYVALE, Calif., Dec. 22, 2008 -- Palm, Inc. (NASDAQ:PALM) today announced that Elevation Partners has agreed to make an additional $100 million equity investment in Palm. Under a definitive agreement reached today, Elevation will increase its investment in Palm by acquiring newly issued Series C preferred stock that is convertible into Palm common stock at a price of $3.25 per share, a 31 percent premium to the closing price of Palm common stock on Dec. 19, 2008. The Series C preferred stock carries a 0% dividend rate. Elevation will also receive warrants to acquire 7 million shares of Palm common stock at the same price. Prior to March 31, 2009, Palm may elect to cause Elevation to sell up to $49 million of this new investment to other investors on the same or better terms than on which Elevation invested.

“The additional capital from Elevation Partners will enable us to put added momentum behind the new product introductions scheduled for 2009 and will provide us with enhanced stability in unsettled economic times,” said Ed Colligan, president and chief executive officer of Palm, Inc. “Elevation has been a great partner to Palm, and we appreciate their continued confidence and support.”

“We believe that Palm is in a position to transform the cell phone industry, and we are pleased to have the opportunity to make this additional investment in the company. Palm has an industry-leading team and an exciting, differentiated product roadmap. We are proud to be associated with the company and look forward to great things from Palm in 2009 and beyond,” stated Roger McNamee, co-founder of Elevation Partners.

Full News Release (PDF) , December 22, 2008