U2 frontman and rock legend Bono is set to become a billionaire thanks to his shares in Facebook.

The frontman's investment company, Elevation Partners, spent $210 million (£128 million) buying up shares in the world's top social networking site in 2009, which looks to have paid off.

Bono co-founded Elevation Partners with former Apple boss Fred Anderson.

Earlier this week, Facebook was valued at a $65 billion (£40 billion) and Bono's portion of the company has been up $975 million (£595 million).

U2 are already one of the world's highest-earning groups, pulling in more than $736 million (£460 million) on their recent 360 tour.

Watch Bono and The Edge's interview with David Letterman here: