independent

Monday 21 April 2014

Bono set for another windfall with Forbes sale

Bono

U2 frontman Bono is in line for a huge windfall from the $400m (€295m) sale of the US-based Forbes media giant.

Bono is managing director and co-founder of Elevation, which owns 45pc of Forbes Media, the company behind the magazine famous for ranking the world's richest and most influential people. The company has special shares in Forbes that ensure it gets its investment back before other shareholders benefit from the sale of the business.

'Forbes' this year named Bono among the world's most influential celebrities. It's also running a story about his philanthropic work with Microsoft founder Bill Gates in its current edition.

"Right now capitalism is in the dark," Bono told 'Forbes'. "I haven't left my day job yet, though there's always this possibility when U2 puts out an album that no one will be there to buy it," he said, when asked about the pressure to deliver as a philanthropist.

Bono's private equity firm also invested $210m in Facebook between 2009 and 2010. When the social network made its stock market debut last year, that stake was valued at about $1.5bn. Bono's portion was reckoned to be worth $43m.

Irish Independent

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