GEN
Active topics
  2. U2's Bono now world's richest rock star after raking in £1bn from Facebook

    U2 singer Bono has overtaken former Beatles legend Sir Paul McCartney to become the richest musician in the world – thanks to a canny investment he made in Facebook when the social media group was first taking off back in 2009. Bono invested £56m to acquire a 2.3% share in the company which according to reports is now worth some £940m.

    The bonanza means Bono has now earned more in the last six years from his canny business deals than he has amassed in his whole career in music, including almost 40 years as a singer U2. Since forming in Dublin in 1976, the band has gone on to become one of the world's biggest rock acts.

    These days Bono is arguably better known as a political activist who devotes a great deal of time and energy to reducing inequality across the world, though critics have accused the 55-year-old of hypocrisy. Bono has gone on record as supporting Ireland's 12.5% corporation tax rate. The band also moved some of their business to the Netherlands when the cap on tax breaks for artists in Ireland was introduced, although Bono insists the band pays millions in tax.

    Bono has also been criticised for his lavish lifestyle which can appear to sit uncomfortably with his preaching to the world about poverty. Twelve years ago he was ridiculed for spending £1,000 on a first class seat for his hat so it could be flown out to him when he was attending an event in Italy.

    Bono's Facebook fortune means he overtakes Sir Paul McCartney as the world's richest musician. McCartney is estimated to be worth £730m. Madonna is thought to be worth £520m.

    The news comes as Facebook announces its own billion milestone. Last week (24 August) founder Mark Zuckerberg announced that over one billion people used the website in a single day – or one in seven people on Earth.
    https://uk.news.yahoo.com/u2s-bono-now-worlds-richest-130003058.html#pPwHJvO
  3. means Bono has now earned more in the last six years from his canny business deals than he has amassed in his whole career in music, including almost 40 years as a singer U2

    Not sure how I feel about this
  4. Originally posted by LikeASong:means Bono has now earned more in the last six years from his canny business deals than he has amassed in his whole career in music, including almost 40 years as a singer U2

    Not sure how I feel about this
    Me neither.

    More fuel for the fire for any and all of those people who hate U2 because of Bono's.....this kind of stuff.

    There comes a point when I have no more defense against the people who say "why does Bono ask everyone else for money for foreign aid when he's raking in the cash? How much does he personally give?"

    Now, who knows the answer to that question. But the fact of the matter is, it's always been known that they made enough money with U2 to be fully comfortable with the rest of their lives. To me..well I can't really come up with a reason for needing to earn that much MORE money than greed.
  5. Originally posted by RattleandHum1988:[..]
    Me neither.

    More fuel for the fire for any and all of those people who hate U2 because of Bono's.....this kind of stuff.

    There comes a point when I have no more defense against the people who say "why does Bono ask everyone else for money for foreign aid when he's raking in the cash? How much does he personally give?"

    Now, who knows the answer to that question. But the fact of the matter is, it's always been known that they made enough money with U2 to be fully comfortable with the rest of their lives. To me..well I can't really come up with a reason for needing to earn that much MORE money than greed.
    I sort of would expect him to be a bit more selfless with that extra dough as much as he talks about it

    Your walk is bigger than your talk after all
  6. He probably does/gives a lot for the causes he believes in, but doesn't boast about it, like Bill Gates.
  7. How ever much he does give he could probably give more, it's hard to argue against that. But, people do tend to greatly exaggerate how much a $1billion actually would go to solve things like extreme poverty and hunger. How quickly would that money dry up if he donated it all in one go? And then he would be left with nothing... do another world tour... invest some more... wait 5-10 years and do it again?

    It's frustrating to see people rail against him just because he is one of the few that will actually go out and preach for his cause when there are so many far wealthier that do absolutely nothing. What does the occasional "hey there are less fortunate people in the world than me and, yes, you too!" harm anyone? I guess a tweet or sound bite about ending AIDS/hunger is just as irritating as a free album to some.
  8. One thing about Bono that people get wrong a lot is that he doesn't preach 'it's wrong to be rich when other people are so poor, how can you spend so much money on X or Y and live in such a way when millions of people can't even afford to feed themselves every day' and try to guilt people into supporting his causes, which is what a lot of people do.

    Bono preaches 'those of us who are fortunate enough to live in the developed world with all our luxuries should feel blessed, and use our fortunate position to help others.' And I think it's pretty clear that's what he does. There's more to beating extreme poverty and AIDS and famine than just throwing money at the problems, too - Bono seems more interested in supporting and assisting groups that are planning the best ways to go about fixing these problems with permanent, adaptable methods and solutions rather than basically just saying 'here's a couple million dollars, use that for a while til it dries up, try not to let any corrupt government types get their hands on it, good luck.'

    He isn't saying give every penny you've got to fight poverty and it's not fair to hold him to such a standard. The guy is very rich. He can afford to do stupid, rich-person stuff. But... he's also doubtless using lots of his wealth - probably a lot more than many other very, very rich individuals and organisations - to support the social causes he preaches about, and that's what's important. Not that he has enough money to do dumb things like buy a hat (especially if it was that awful, awful green hat) an expensive plane flight, but that he really does care about what he supports.

    People don't seem to come after Paul McCartney or Sting or other wealthy musicians, ready to crucify them for not giving enough money, when these artists and many others have supported social causes just like Bono's, and it certainly seems to me that - and this is not meant as a sleight to them - Bono certainly has more of a passion for his causes, and a desire to keep them in the public eye. Because no matter how much he can give, there's another important element here: Bono can't save the world. It takes people to save the world; you can't rely on just one guy with a lot of money and a lot to say, because that won't last forever. But the efforts of people from all across the board can.

    Maybe people just want a reason to tell him to shut up. Maybe being reminded that you have it really good and you also have the power to help make a change is annoying, or maybe it's because the stuff he talks about isn't really pleasant stuff to think about, but... Bono has always seemed so hopeful that it can change for the better. I think questioning whether or not he really believes that or really acts on his ideals seems, to me at least, to be trying a little too hard.
  9. Fair points, but at the same time I can't help but think he already had enough wealth to do the things he's been passionate about. He's been doing that since before he was rich.

    One has to think whether or not Bono has really become The Fly at this point when you hear about stuff like this. Coupled with the fact that he does things like fashion photo shoots and stuff like that.

    I don't know. This doesn't change how I feel about the b-man, it just makes me scratch my chin a little.
  10. Not sure if Bono actually planned to be the wealthiest rockstar on Earth when he bought that facebook share in 2009. I think it is all just accidental...
  11. That's probably also true
  12. Originally posted by RattleandHum1988:[..]
    Me neither.

    More fuel for the fire for any and all of those people who hate U2 because of Bono's.....this kind of stuff.

    There comes a point when I have no more defense against the people who say "why does Bono ask everyone else for money for foreign aid when he's raking in the cash? How much does he personally give?"

    Now, who knows the answer to that question. But the fact of the matter is, it's always been known that they made enough money with U2 to be fully comfortable with the rest of their lives. To me..well I can't really come up with a reason for needing to earn that much MORE money than greed.
    Stop giving him your money then if it bothers you so much.

    Should he stop investing his money? Or maybe stash it in a mattress where it won't accrue any interest?
Contribute to the U2 community with uploading photos or by telling us which shows you have visited.
Contribute to the U2 community with uploading photos or by telling us which shows you have visited.
Contribute to the U2 community with uploading photos or by telling us which shows you have visited.
Contribute to the U2 community with uploading photos or by telling us which shows you have visited.