Bad Investor
Legendary U2 vocalist Bono has given some significant investments to Elevation Partners, one of the worst investment funds in the US, said 24/7 Wall Street.com. Practically, the issue is saying that Bono had lost tens of millions of dollars on this business operation (noteworthy, Bono is one of the heads of this fund). Such fiasco on the side of Bono is making him the worst investor who was sending money to the US economy. Also, it’s not the only company which is failing Mr. Bono; another one was the smart phone company Palm. They’re trying very hard to stay within the US smart phones market which is dominated by Apple, RIM and Google, so according to financial analyses the company is going to end up during this year with 90% sureness. In 2006 Elevation had invested 300 million dollars into Forbes Inc, with 750 million capitalization, but unfortunately after that operation the company’s assets have dropped down on 80%. In other words, it’s pretty hard to be more unlucky than Bono these days, the guy was literally doing his best; maybe he did not produce such big investments before and had totally failed this time. Additionally, there is another example of the fund’s problems. Recently, they’ve been investing into Move.com, this company was regulating various websites which specify on the real estate, so Elevation did invest into them when Move.com was on it’s peak. However, right after the real estate business went into troubles Move.com had lost almost one half of it’s assets. Well, Bono did not foresee most of these failures, business is business and hopefully he will get out of it.