Bono - Bono Shoots Down Billionaire Reports Following Facebook Flotation

The social networking site became one of the U.S. stock market's largest ever flotations, with the site eventually being valued at $105 billion, more than MCDonalds and Amazon.com, when trading closed on Friday (18May12).

Bono was rumoured to overtake Sir Paul MCCartney in the money stakes thanks to his 2.3 per cent stake in the site which his investment group snapped up for $90 million in 2009.

It was believed the deal would net him around $1.5 billion, outstripping MCCartney's reported fortune of $1 billion, but the superstar insists the Beatles legend is still the richest man in music.

He tells Msnbc, "Contrary to reports, I'm not a billionaire or going to be richer than any Beatle - and not just in the sense of money, by the way, the Beatles are untouchable - those billionaire reports are a joke."