Celebrity Investments Gone Sour
2. Bono
Bono is the classic icon of alternative rock and his songs have influenced millions. He has extended his area of coverage to investments too. He is the co-founder and MD of Elevation Partners. He has bought a very big chunk of Facebook shares too. The firm also successfully changed a $300 million worth of BioWare and Pandemic Studios, in which it had equity shares, into a whopping $620 million deal, after Electronic Arts bought BioWare in 2007.
The Hiccup: The firm’s streak of bad luck began after investments made in Palm Inc. It lost around $460 million in Palm, while it lost $300 million over the very reputed Forbes. The dip in the value of Forbes was due to it losing its customer base as people shifted from print to electronic media. 24/7 Wall Street called Bono "the worst investor in America” due to these losses.
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