Bono Is Worst Investor In America
Irish rocker BONO has been named and shamed as the Worst Investor in America for his backing of troubled smart telephone maker Palm Inc.
The U2 frontman and bosses at his private-equity business Elevation Partners ploughed nearly $500 million (£312.5 million) into the debt-riddled firm, the maker of Treo and Centro smart phones, in December 2008.
But his gamble has cost him dear and the downturn in the global economy has caused stock shares in Palm Inc. to plummet 35 per cent from January (10) to February (10).
And the huge loss has landed Bono the dishonour by financial journal 24/7 Wall Street.
Editors highlight "an unprecedented string of disastrous investments which even bad luck could not explain" as the reason for choosing Bono, adding that California-based Elevation Partners is "arguably the worst run institutional fund of any size in the United States".