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24/7 Wall Street recently had some strong words to say about U2 frontman Bono. Namely, based on a string of disastrous choices made by his investment firm, Elevation Partners, that he’s the Worst Investor in America.
Among the companies Elevation has poured money into is Palm, maker of the unsuccessful Pre smartphone. “There is a 90% chance that they go bankrupt or get acquired within a year," a hedge fund managing partner told 24/7 Wall Street. Then there’s the restaurant review site Yelp, which was sued for fraud in February after reports that the company had offered to take down unflattering comments about poorly-reviewed restaurants in exchange for those restaurants purchasing ads on the site. The list goes on.
What’s next for the perpetually-sunglassed frontman? Hard to say, but as Vulture suggests, perhaps he’ll quit music and world-saving all together until he gets his troubled company back on its feet.
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I find it sad that a person who sacrifices so much time and money to championing worthwhile causes has to endure mockery like "perhaps he'll take some time off from world-saving." Ridiculous sunglasses aside, he deserves more respect for his efforts, which would've been curtailed decades ago if they weren't sincere.
LOL @ Jason Killingsworth. Yeah, dude, Bono's the best! Bwahaha.
Agree completely with Jason. It's understandable if you find him a little boorish (we're well-trained in cynicism and ironic distance, after all), but the guy lives his beliefs. He's not, contrary to lazy opinion, a self-important blow-hard telling you want to do. He's sacrificing the default, self-indulgent mega-rockstar lifestyle that's his by all rights and lending his voice to those who don't get heard. And he knowingly invites your ridicule in doing so. What, you'd rather he devote more to his fashion lines? Start a mock-feud with some other celebrity? Spend more time on the party circuit? Listen to those last few records. There's genuine heartache at the state of things. I'll gladly take Bono over all the self-important, fashion-obsessed, coolly distant rockstars--and journalists--out there.