As Facebook went public today, reports are calculating that Bono’s investment company, Elevation Partners, stands to make up to $1.5 billion off of the IPO. According to Inc.,Elevation owns 1.5 percent of Facebook’s shares. What percentage will go to Bono is unknown, but as a co-founder of the company, he likely stands to make a considerable profit. That’s especially good news for the U2 frontman, who was once referred to as “the worst investor” in America: one of Elevation’s notoriously bad investments was in Yelp, which has since been plagued with class-action lawsuits and extortion accusations.
According to a number of reports, the Facebook IPO could make Bono the richest rock star in the world, passing Paul McCartney.
The night before the IPO offering, Bono performed at Harlem’s Apollo Theatre, singing U2’s “Angel Of Harlem” at the Jazz Foundation Of America’s “A Great Night In Harlem” concert, which also featured Macy Gray, Dr. John and special guest Quincy Jones. The annual concert raises money toassist older jazz and blues musicians “in need,” according to the organization’s website.
— Brian Ives, CBS Local