Music Gear News
Bono's investment company to make £611 million in Facebook shares
U2's Bono is set to become one of the wealthiest musicians ever with news that his investment firm could be looking at a profit of Â£611 million ($1 billion) after buying shares in Facebook.
Two years ago, his investment company, Elevation Partners, bought Â£128 million worth of shares in Facebook, which has just been valued at a whopping Â£40 billion.
The news won't go down well with critics of U2, who claim that the band have shown a lack of morals by shifting their business affairs from Ireland to the Netherlands, where they are able to enjoy better tax breaks.
Earlier this year, Forbes named U2 as one of the world's highest paid musicians in the world.
Over the past 12 months the Irish rockers have made Â£120 million, as well as grossing over Â£447 million for their two-year world tour, which has just come to an end.
ÂPosted on 17 Aug 2011 12:53 to category : Band / Celebrity News
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