Sir Paul McCartney is no longer the richest rock star
U2’s Bono has surpassed Sir Paul McCartney as the world’s richest pop star thanks to an investment in Facebook that has garnered him $1.5 billion in earnings.
The Irish Central reports that in 2009, Bono, along with his private investment firm Elevation Partners, invested $86 million for a 2.3 percent stake in Facebook which is now worth $1.5 billion.
Bono co-founded Elevation Partners in 2004 which has also invested in Palm, Yelp and Forbes. His social media ventures have earned him more in the last six years than the 35 years he’s spent with U2.
However, the ethical clothing line he and wife Ali Hewson founded in 2005, Edun Apparel, has lost nearly $68 million recently. The directors of the company state that they “are confident the current business strategy will result in the development of a successful and sustainable brand.”
Author: Buddy Iahn
Buddy Iahn founded The Music Universe when he decided to juxtapose his love of web design and music. As a lifelong drummer, he decided to take a hiatus from playing music to report it. The website began as a fun project in 2013 to one of the top independent news sites.