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Bono, Facebook and the challenge of following the Jesus of the poor

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I read this article and I loved it!

I would like to share with you.

Hope you enjoy it wink.gif

 

 

When reports surfaced that Bono's investment group, Elevation Partners, would make upwards of a billion dollars after the Facebook IPO last Friday, dozens of websites got snarky with the Irish rocker: "Bono will be richer than a Beatle," "It's a 'Beautiful Day' for Bono," etc. Even celebrity blogger Perez Hilton quipped, "Since he earned most of his money from the stock market, this officially makes Bono better at investing than music. LOL!"

Meanwhile, Bono, 52, appeared on MSNBC to talk with Andrea Mitchell about poverty after making a speech alongside the POTUS at the Chicago Council's Symposium on Global Agriculture and Food Security in Washington. Both the Facebook frenzy and the Symposium took place mere hours ahead of the opening of the G8 Summit at Camp David, where poverty and the global economy were sure to be hot topics of conversation.

Bono told Mitchell, "Hunger is a ridiculous thing," and later, when the discussion switched to the Facebook windfall, "I felt rich when I was 20 years old and my wife was paying my bills. I've always felt like this, I mean -- being so blessed."

Blessed, indeed. Yet, is this all in a day's work for the musician who's spent nearly 30 years simultaneously rocking the world and using his voice (and the innovative organizations DATA, ONE and RED he co-founded) to fight AIDS and poverty? Or, now that he's a bit wealthier, should we feel conflicted about this superhuman sinner-saint?

When you have a conversation with Bono, he holds your hand and looks you straight in the eye. When he's onstage with U2, crooning "Amazing Grace" just before the Edge's guitar rings like church bells in "Where the Streets Have No Name," it's as if Elvis left the building, but God stayed in the room (and by "God," I don't mean Bono). And what about his personal role (along with countless NGOs and many other wealthy philanthropists, including most notably, Bill and Melinda Gates) in reducing deaths from HIV/AIDS, TB and Malaria?

Regardless of how much cash Bono's crew made off the Facebook offering, we shouldn't blame him for investing smartly.

One of the ironies of the Facebook IPO and the scrutiny Bono's faced since is that social networks have played a huge role in creating the current culture of activism his various campaigns helped spark. (Read more here if you need living proof of impact.)

Professor Nancy F. Koehn of Harvard Business School compares Bono to a CEO of "'Creative capitalism," who, along with his bandmates, developed business savvy long before he ever had a hit. As for his propensity to do good, Author Kim Girard says Bono's campaigns are social and viral in nature -- and aligned with the 21st century's "growing spiritual hunger among young people, backlash against Wall Street greed, and the revolutions in the Middle East."

 

Justifying personal wealth is something Christians have long struggled with. How can we lay down everything and follow Jesus if our portfolios are too precious to leave behind? And does the Gospel actually call Christians to that kind of artificial laying down of influence or is there something even more radical at stake in being a Christian, with wealth?

Neither scholars nor pastors across any tradition will give you a straight answer on what Jesus would do with the kind of wealth Bono has accumulated. And let's be clear, neither the power nor politics of Jesus' day would have afforded even the idea that there would be such inherited or shared wealth 2000 years later among the descendants of the small sect of Jews who followed the radical from Nazareth.

However, what scholars will tell you is that Bono's principle commitment to fight for those on the margins of society is something that the Christian Bible holds as principle to its message.

 

Dr. Martin Luther King Jr. once wrote, "Injustice anywhere is a threat to justice everywhere. We are caught in an inescapable network of mutuality, tied in a single garment of destiny."

Whether onstage in his signature sunglasses or making serious speeches with world leaders, in his success, Bono embodies the challenge that all Christians face in following Jesus as people who are blessed. The greatest threat to faith and justice in the world is that those who are blessed lose sight of their mutuality with others.

For rich and for poor, Bono has not forgotten.

 

http://www.huffingtonpost.com/kristi-york-wooten/bono-facebook-and-following-jesus-of-the-poor_b_1529384.html

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I read this article and I loved it!

I would like to share with you.

Hope you enjoy it wink.gif

 

 

When reports surfaced that Bono's investment group, Elevation Partners, would make upwards of a billion dollars after the Facebook IPO last Friday, dozens of websites got snarky with the Irish rocker: "Bono will be richer than a Beatle," "It's a 'Beautiful Day' for Bono," etc. Even celebrity blogger Perez Hilton quipped, "Since he earned most of his money from the stock market, this officially makes Bono better at investing than music. LOL!"

Meanwhile, Bono, 52, appeared on MSNBC to talk with Andrea Mitchell about poverty after making a speech alongside the POTUS at the Chicago Council's Symposium on Global Agriculture and Food Security in Washington. Both the Facebook frenzy and the Symposium took place mere hours ahead of the opening of the G8 Summit at Camp David, where poverty and the global economy were sure to be hot topics of conversation.

Bono told Mitchell, "Hunger is a ridiculous thing," and later, when the discussion switched to the Facebook windfall, "I felt rich when I was 20 years old and my wife was paying my bills. I've always felt like this, I mean -- being so blessed."

Blessed, indeed. Yet, is this all in a day's work for the musician who's spent nearly 30 years simultaneously rocking the world and using his voice (and the innovative organizations DATA, ONE and RED he co-founded) to fight AIDS and poverty? Or, now that he's a bit wealthier, should we feel conflicted about this superhuman sinner-saint?

When you have a conversation with Bono, he holds your hand and looks you straight in the eye. When he's onstage with U2, crooning "Amazing Grace" just before the Edge's guitar rings like church bells in "Where the Streets Have No Name," it's as if Elvis left the building, but God stayed in the room (and by "God," I don't mean Bono). And what about his personal role (along with countless NGOs and many other wealthy philanthropists, including most notably, Bill and Melinda Gates) in reducing deaths from HIV/AIDS, TB and Malaria?

Regardless of how much cash Bono's crew made off the Facebook offering, we shouldn't blame him for investing smartly.

One of the ironies of the Facebook IPO and the scrutiny Bono's faced since is that social networks have played a huge role in creating the current culture of activism his various campaigns helped spark. (Read more here if you need living proof of impact.)

Professor Nancy F. Koehn of Harvard Business School compares Bono to a CEO of "'Creative capitalism," who, along with his bandmates, developed business savvy long before he ever had a hit. As for his propensity to do good, Author Kim Girard says Bono's campaigns are social and viral in nature -- and aligned with the 21st century's "growing spiritual hunger among young people, backlash against Wall Street greed, and the revolutions in the Middle East."

 

Justifying personal wealth is something Christians have long struggled with. How can we lay down everything and follow Jesus if our portfolios are too precious to leave behind? And does the Gospel actually call Christians to that kind of artificial laying down of influence or is there something even more radical at stake in being a Christian, with wealth?

Neither scholars nor pastors across any tradition will give you a straight answer on what Jesus would do with the kind of wealth Bono has accumulated. And let's be clear, neither the power nor politics of Jesus' day would have afforded even the idea that there would be such inherited or shared wealth 2000 years later among the descendants of the small sect of Jews who followed the radical from Nazareth.

However, what scholars will tell you is that Bono's principle commitment to fight for those on the margins of society is something that the Christian Bible holds as principle to its message.

 

Dr. Martin Luther King Jr. once wrote, "Injustice anywhere is a threat to justice everywhere. We are caught in an inescapable network of mutuality, tied in a single garment of destiny."

Whether onstage in his signature sunglasses or making serious speeches with world leaders, in his success, Bono embodies the challenge that all Christians face in following Jesus as people who are blessed. The greatest threat to faith and justice in the world is that those who are blessed lose sight of their mutuality with others.

For rich and for poor, Bono has not forgotten.

 

http://www.huffingtonpost.com/kristi-york-wooten/bono-facebook-and-following-jesus-of-the-poor_b_1529384.html

Hi my dear, how are you?

 

Thank you for posting this article, and starting a thread, open for discussion on this topic....

 

I'm not sure, but did bono really make a billion dollars?

 

Ive had the new on in the back ground, so not really noticing all of the details, but wasnt there some kind of outrage over how the people who made a billion or more, those who were getting insider information-keeping out the "little" guy?

 

The people who already were millionaires or billionaires got info before the average person....or so I thought I had heard on the telly whilst washing the dishes...

 

That would be so sad if its true, bc it wasnt just the bankers that got first info over regular people, but  a long list of clients too....idk...did that include our bono?

 

The out cry is a reflection of the state of the world, and the injustice of poverty amid greedy capitalism....

 

I read over an interesting article on poverty and how society profits off of the backs of the poor...

 

Its not related to this specifically, but it might add to the discussion in general, regarding rich vs poor...

 

I will have to try and dig it out....it was on al jezeera...

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well, here is the link, to that story, if anyone is interested

 

http://www.aljazeera.com/.../201251911202194436.html

 

The poverty-stricken are being squeezed ever tighter by the rules of the rich.

 

Barbara Ehrenreich is a American feminist and political activist and the author of 21 books

 

lots of interesting discussion after the story too....

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well, your story is a difficult one to figure out, as far as how a christian is supposed to handle such wealth....

 

there could be endless discussions, lol!

 

idk....wasnt jesus homeless, basically, when he began his ministry?

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Im reposting this from community member Mac Foley, regarding the fact that bono did not gain over a billion dollars.

 

but the issues are still the same, none the less:

 

BONO WILL MAKE MAYBE $10 MILLION, NOT $1.5 BILLION, FROM FACEBOOK'S IPO

 

Billboard, May 18, 2012

By: Glenn Peoples

 

 

 

Bono is rich but not as rich as you have been led to believe in the last few days. A report at NME.com, which was picked up by Spinner, Huffington Post and the New York Post (which got a link from Drudge Report), claimed the Facebook IPO will earn the U2 singer around $1.5 billion and make him the world's richest musician. It's been tweeted, retweeted and posted on Facebook without question or skepticism. That's a shame because Bono probably made $10 million or less Friday.

 

Bono is managing director at Elevation Partners, a private equity firm that acquired 44.7 million shares of Facebook on the private market for $210 million, according to various media reports. The value of those shares has increased sharply over the years as Facebook has grown to over 900 million users.

 

Unfortunately, NME and other media outlets overlooked three important facts that have a direct impact the wealth generated by the IPO: Bono is one of seven managing partners at Elevation Partners, private equity firms keep only a small share of their profits and the firm sold only 11.5% of its shares on Friday.

 

Let's start with the shares sold Friday. According to Facebook's latest S-1 filing, Elevation Partners planned to sell 4.62 million of its 44.7 million shares. The firm had acquired its 44.7 million shares for a reported $210 million, or an average of $4.69 per share. At the offer price of $38, Elevation Partners grossed $175,654,000 and netted $159,954,000. But not all of that profit will go into the bank accounts of either Elevation Partners or Bono.

 

Private equity firms invest money on behalf of their clients and return to them the lion's share of the profits. Elevation Partners will also keep a percentage of profits - this is typically around 20% but can vary from firm to firm. In addition, firms typically charge an annual fee based on the size of the fund. Some firms also charge a fee to investors for buying a company.

 

Elevation Partners' share of its profit made Friday is probably in the area of $30.8 million. Bono's take depends on the particulars of Elevation Partners and how it divvies up its profits. The company website lists six other managing directors excluding Bono, a senior advisor, two associates and seven-person administrative team. Bono's share could be as low as $4.4 million, or one-seventh of the profit (there are seven managing partners). Facebook latest S-1 filing mentions only four of the seven managing directors: Fred Anderson, Paul Hewson (Bono's given name), Roger McNamee, and Bret Pearlman.

 

A conservative estimate would be in the area of $10 million. Bono's share would be higher if some managing partners take a greater share of the profit, or if he personally invested in the Elevation Partners fund that bought Facebook shares.

 

Elevation Partners and Bono don't own 100% of the remaining 40.1 million shares, either. The company can lay claim to less than 20% of their current $1.46 billion value (as of 2pm ET Friday) because it will return 80% of the profit - or $1.17 billion at current valuation - to its investors (it will be less than 20% of their current value because Elevation Partners' cost basis for the shares need to be taken into account). Bono will be left with an unknown fraction of that 20%.

 

Elevation Partners could fare better if its unsold shares increase in value. It's entirely possible that Facebook shares could increase over time, although in the near term shares could stumble after the media hype dies down. In any case, it's safe to say nobody at Elevation Partners will make $1.5 billion from its Facebook investment.

 

© Billboard, 2012.

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With or without Facebook Bono is already a rich man.

But this is really not important.

I think what really matters is that he´s a good person and doesn´t forget to help others.

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Like Feb said I think everything is in:

 

Whether onstage in his signature sunglasses or making serious speeches with world leaders, in his success, Bono embodies the challenge that all Christians face in following Jesus as people who are blessed. The greatest threat to faith and justice in the world is that those who are blessed lose sight of their mutuality with others.

 

For rich and for poor, Bono has not forgotten.

 

Spicy, rules of the rich have always been and always will be tight but it's not a reason to give up to fight poverty and injustice

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Couldn't this thread just have been posted in the Bono/ Facebook thread?

 

Should be merged this one...

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Anyone that "knows" God is rich.  Jeremiah 22:15-16 says that to "know" God means to "defended the cause of the poor and needy."  From what I have seen, Bono walks the talk....he is an advocate for the poor and needy.  Bono is very rich if you ask me.  This happened before Facebook.  This happened before fame.  God has blessed Bono and U2 beyond imagination.  But, Bono has chosen to reinvested these talents... and the yield has been far more than 100 times what was sown.  Praise God!

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it is easier for a rich man to pass thru the eye of a needle than to enter the kingdom of heaven

 

give up all that you have, take up your cross and follow me....

 

ok-all these were cramped down my throat at an early age in church....

 

doesnt anyone else have anything else to say on the matter, using real scripture, or once again is bono the fecking replacement for jesus christ?

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