03-25-2010, 05:12 PM
<!-- m --><a class="postlink" href="http://indyposted.com/14766/bono-named-the-worst-investor-in-america/">http://indyposted.com/14766/bono-named- ... n-america/</a><!-- m -->
Quote:Bono is known for making pop music hits, sunglasses, and charitable donations. But Bono claimed a new title today. The online publication Wallstreet 24/7 named Bono as the “Worst Investor in America.”
Bono is part of the Elevation Partners investment team, which has made some awful decisions in the past year. The Elevation Partners team put a lot of money into Forbes, Palm, and Move.com. Each one of these companies have been hemorrhaging money over the past few years.
Palm, which Elevation invested $460 million into, had its shares drop from $18 in September, to $3.65.
Forbes online operation which was valued at 750 million dollars in 2006, has since dropped to around 100 million dollars.
Elevation’s latest investment into Yelp.com appears to be a disastrous one as well. Yelp was just hit with a series of lawsuits claiming that Yelp was attempting to extort money from local businesses in exchange for positive reviews on its website.
Please, someone give Bono some charity.