U2 frontman Bono has laughed off claims he will become a billionaire on the back of the Facebook flotation.

The rock star's investment group Elevation put money into the social networking site, taking 2.3% of the company in late 2009.

But while the flotation means Elevation is worth way in excess of £1 billion, Bono is joined by nine other directors who stand to profit.

And reacting to the launch of Facebook on the stock market, he said:

"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."

There had been suggestions that the canny investment could make his wealth outstrip that of Sir Paul McCartney, said to be valued at £665 million.

Bono told MSNBC's Andrew Mitchell in the US: "In Elevation, we invest other people's money - endowments, pension funds. We do get paid of course. But you know, I felt rich when I was 20 years old and my wife was paying my bills.

"Just being in a band, I've always felt blessed. I got interested in technology because I'm an artist; I'm interested in the forces that shape the world, politics, religion, the stuff we've been talking about today."

He added: "Technology is huge, I wanted to learn about it. People might say that's odd, but I think it's odd if artists aren't interested in the world around them. I'm always chasing that. Facebook are an amazing team, a brilliant team, it's a technology that brings people together."