Bono now world's richest musician
Discussion
Eric Mc said:
Granfondo said:
Eric Mc said:
This wealth has very little to do with his abilities as a musician and more his perceptiveness as an investor.
170 million record sales makes your statement somewhat moot! 
We are talking here about the gains he has made from investment in a media business - not income earned from record sales.
Of course, his record sales had made him wealthy already - but this additional gain was from non-music related investments.
Bob Geldof made a packet from a similar type of non-music business that he actually owned and subsequently sold.
Some of these Irish musicians do seem to know what they are doing when it comes to using their money to make even
more money.
I thought you said "his wealth" not "This wealth" !
Kinky said:
Eric,
I appreciate the Irish loyalty card and rose-tinted specs, but just like Bono, 'Sur Bob' did not do everything on his own. He had a very very similar setup behind him.
I'm surprised you'd not be aware of that, considering the nature of your business
Gathering smart people around you is a sign that you are smart too.I appreciate the Irish loyalty card and rose-tinted specs, but just like Bono, 'Sur Bob' did not do everything on his own. He had a very very similar setup behind him.
I'm surprised you'd not be aware of that, considering the nature of your business
Gathering fools around you is a sign of the opposite. In far too many cases, people in the music industry chose the latter course. I am complimenting Geldof and Bono for choosing the former path. It's nothing to do with me being Irish either.
Just because I am an accountant does not mean I have to take an interest in the wealth of media personalities. In fact, I am not really interested in that subject at all. I wouldn't have known about this particular story if this thread hadn't been started.
Just like his charitable foundation which n 2010 raised 10M quid, only to spend 1.2% of that on needy causes. The rest used up in 'admin' charges.
The Facebook story is not only slightly out. It is complete rubbish. All it proves is that newspapers print fabricated stories. Firstly, Elevation did at one point have 2.3% in FB. This was sold down in 2009. They may retain some today but it is nothing like 2%. How do I know. Elevation has under 2B in TOTAL capital employed/invested. 2.3% of FB would be just under 6B. Second, Bono is one of SEVEN founding investors AND Elevation have dozens of other high net worth investors. If you really wanted to have a guess at his stake in Elevation it can not be more than 10%. So taking this all into account, at best he has personally made 50M in FB. The article doesnt tell you about the other Elevation investments which lost the shirts off their backs.
The Facebook story is not only slightly out. It is complete rubbish. All it proves is that newspapers print fabricated stories. Firstly, Elevation did at one point have 2.3% in FB. This was sold down in 2009. They may retain some today but it is nothing like 2%. How do I know. Elevation has under 2B in TOTAL capital employed/invested. 2.3% of FB would be just under 6B. Second, Bono is one of SEVEN founding investors AND Elevation have dozens of other high net worth investors. If you really wanted to have a guess at his stake in Elevation it can not be more than 10%. So taking this all into account, at best he has personally made 50M in FB. The article doesnt tell you about the other Elevation investments which lost the shirts off their backs.
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