Image courtesy of Wikimedia Commons
Bono believes in Facebook Inc (NASDAQ:FB) and that’s why he invested 2.3 percent of the company’s shares through an investment group Elevation Partners.
Three years ago, Elevation spent $90 million in private Facebook stocks. Now that the world’s most important social media company officially announced their IPO, Bono’s share could be worth over $1.5 billion. If his investment is successful, the U2 frontman could surpass former Beatle Paul McCartney as the world’s richest rock star who’s fortune is currently estimated at $1.05 billion.
U2 is currently working with some of the music writers for English band One Direction and Swedish songwriter Carl Falk. It’s also reported that they’re back in the studio and getting ready for their next music project. The band’s last album No Line On The Horizon was released back in 2006 which featured the single “I’ll Go Crazy If I Don’t Go Crazy Tonight” with will-i-am from Black Eyed Peas.
Now that it’s been hours since Facebook announced their IPO, things are looking a little iffy. According to a recent post by Alain Sherter on CBSNews.com, Facebook’s shares were only up a little after the first few hours of trading.
The largest initial public offering was late for the first half-hour thanks to a minor glitch at NASDAQ. The stock opened at $43.00 but slipped back down to $39.00. Many analysts speculate that Mark Zuckerberg is overestimating how much the company is worth, and they also think his inexperience may work against him.
Currently the stocks are recovering nicely which should work in company’s favor. Facebook hasn’t even been on the stock market for a full day, so it’s really to early to gauge their success. As I’ve previously mentioned in another article, I think that some people want Facebook to fail- maybe they don’t like their privacy-invading advertising tactics or maybe they just don’t like the fact that Facebook dominates the social media world. I think high-file investors such as Bono might just add more value to the company.