U2
Published August 31st 2015
As a business investor you have to keep the famous saying in mind “You win some, you lose some” and none other than Bono knows exactly what this means. Just at the end of last week, news broke that he and wife Ali Hewson lost a total $66 million over their whole involvement with ethic clothes company Edun Apparel. The company has been facing millions of losses annually since 2011. Still, the couple is not ready to admit defeat and continue the company’s strategy.
Now, just under a week later, Bono is cashing in a $1 billion return on an investment he did 6 years ago. In 2009 his investment company got a 2.3% share for $76 million in a company on the rise: Facebook! This has now made him the richest pop star in the world. The investment even earned him more money than he’s made on music sales throughout his music career. U2 sold 170 million records.
In recent years Bono has been credited to be a smart business man. His investment company Elevation Partners is already a part owner of Forbes, Yelp and MarketShare. Bono has also been mentioned as an important influencer to get Google to move to Dublin in 2011.
Read more:
After Tough Years, Elevation Partners Rescues Investment in Forbes Media (New York Times in 2014)
Elevation Partners
Bono becomes world’s richest pop star (Economic Times)
U2’s Bono Joins African Superstars in Campaign to Empower Women (Billboard)
Losses at Bono and Ali’s Edun firm climb to $66m (Independent Ireland)
Edun