Looks like Bono finally found what he was looking for.
The U2 frontman is now the world’s richest pop star, and his music had nothing to do with it—in fact, it was an investment in Facebook that netted the Irish rocker his big payday.
As Britain’s Mirror first reported, Bono bought a 2.3 percent share in Facebook when the company went public in 2009—the investment was at that time worth $56 million. It’s fortunate that he didn’t sell the stock, because thanks to the social media giant’s ongoing popularity, the share is now worth over $1 billion.
Bono bought the stock as part of his work with Elevation Partners, a private equity firm of which he is managing director.
Thanks to Bono’s newfound wealth, Paul McCartney is now only the world’s second richest pop act—but he’s still sitting pretty with $818 million. Madonna ranks third, with a net worth of $582 million.
Bono’s boffo Facebook investment made up for recent financial woes at EDUN Apparel, an ethical clothing line founded by Bono (real name Paul Hewson) and his wife Ali Hewson. The firm, which touts its positive trade relationship with Africa, has lost over $40 million since 2005.