Bono And Prince’s Financial Woes

Pop icons Bono and Prince may share an unerring gift for crafting hits, but when it comes to keeping that money through financial savvy, it seems they still haven’t found what they’re looking for. While U2’s frontman is celebrated for his charitable work in Africa and bipartisan approach to political issues. Bono is one of five members of Elevation Partners’ investment team, which 24/7 Wall Street claims has made “an unprecedented string of disastrous investments which even bad luck could not explain.” The U2 singer’s firm has invested huge amounts of money into Palm smartphones, Forbes magazine, and Move.com, all of which are currently struggling. Elevation’s largest investment is also its most disastrous: Bono’s firm put $460 million into Palm, the company that unsuccessfully tried to carve a piece of the smartphone market away from Apple, RIM, and other more popular mobile handset-makers. Last September, Palm’s shares sold for $18, but when the company released its most recent earnings figures, shares plummeted to $3.65.

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Bono And Prince’s Financial Woes