Yesterday, NME reported that once Facebook hit the stock exchange, Bono would usurp Paul McCartney’s role as the richest musician in the world. That’s because Bono (or “Bono Rockstar,” as Crunchbase lists him) invested in Facebook through Elevation Partners, which owns 2.4 percent of Class B shares. Based on the IPO pricing, that makes Elevation Partners stake worth more than $1.5 billion, whereas Mr. McCartney’s fortune is estimated at £665 million or $1.05 billion.
However, NME didn’t take into account the fact that (1) it’s unlikely that all of Elevation Partners’ shares are going into Bono’s pocket and (2) that Elevation is only selling $200 million shares as part of today’s offering, as Dan Primack has noted. Their remaining position in Facebook is worth $1.32 billion.
Of course, between Elevation Partners investments in Yelp and Dropbox and future earnings based on proximity to Mark Zuckerberg, it seems likely Bono will take Mr. McCartney’s title someday soon.