Bono's Investment Firm Still Hasn't Found What It's Looking For
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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