Bono becomes world's richest pop star after wise investment in Facebook earns him nearly £1billion

                                        

U2’s Bono has become the world’s richest pop star after raking in nearly £1 billion from his Facebook shares.

The Beautiful Day hitmaker bought a 2.3 per cent share in the social media network for £56 million in 2009 with the investment group that he co-founded, Elevation Partners.

Today that share is work a whopping £940 million, according to reports. That means that Bono’s venture has earned him more in the last six years than the whole of his incredible music career.

Now Bono takes over Beatles legend Sir Paul McCartney as the world’s richest pop star. The singer, who is married to Nancy Shevell, has an impressive £730 million.

While Like A Virgin star Madonna has £520 million.

Facebook hit its own ‘billion’ milestone this week, when it had one billion users in one day.

The company went public in 2009.

Here are the richest celebrities under the age of 30, according to Forbes magazine.

Earlier this month, it was reported that losses at an ethical clothing firm founded by Bono and his wife Ali Hewson have hit almost £44 million after a £3.4 million drop last year.

Figures lodged with the Companies Office show just how much Edun Apparel struggled in the 12 months to the end of December.

The firm has been narrowing over its losses in recent years and last year’s total was down on a £4.1 million deficit in 2013, £5 million in 2012 and £5.4 million in 2011.

At the end of December the accumulated losses at the firm stood at £42 million.

In spite of the losses Bono, Ali and the other directors state in the accounts they “are confident the current business strategy will result in the development of a successful and sustainable brand”.

Bono and his wife established the global fashion brand in 2005 in a bid to bring about positive change through its trading relationship with Africa.

The firm’s website says, “Edun is building long-term, sustainable growth opportunities by supporting manufacturers, community-based initiatives and partnering with African artists and artisans.”

At the New York unveiling of the label’s 2015 spring collection Rihanna was among the front row guests. The label named celebrated designer Danielle Sherman as its creative director in 2013 and Bono said: “She is a genius and I think she is going to take things on to the next level.

Source: MirrorOnline