Bono's investment group, Elevation Partners, stands to make more than $1.5 billion in the initial public offering of Facebook stock, Nasdaq reports. Elevation Partners bought 2.3 percent of the social network company for $90 million in 2009.
Facebook is expected to raise $16 billion in its IPO, which would be the largest tech IPO in history, and the third largest IPO for an American company following Visa and General Motors. The company is not yet cleared by the Securities and Exchange Commission to launch the IPO, but CNN reports that Facebook will set its shares at $38 each.
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 of 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.
To read the new issue of Rolling Stone online, plus the entire RS archive: Click Here
MUSIC 9 Classic Devo Videos
OLYMPICS 18 Epic Opening Ceremonies
Picks From Around the Web
blog comments powered by Disqus