Bono Doubles His Investment in Facebook


Bono


Bono has ploughed another $120 million into the privately-held site, bringing their total investment in Facebook to $210 million.

Irish rocker Bono is cashing in on the popularity of social networking website Facebook.com - the U2 frontman has nearly doubled his investment in the company. Bono and bosses at his private-equity business Elevation Partners have ploughed another $120 million into the privately-held site, bringing their total investment in Facebook to $210 million.

According to a letter to investors published by the TechCrunch blog, Elevation bosses were able to buy shares from insiders on the secondary market. The deal could be the start of an investment turnaround for the rocker, whose blunder backing troubled cellphone maker Palm Inc. won him the dishonor of being named Worst Investor in America by financial journal 24/7 Wall Street earlier this year.

Bono's company ploughed nearly $500 million into the debt-riddled firm, the maker of Treo and Centro smart phones, in December 2008, before stock shares plummeted. Editors highlighted "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".

© AceShowbiz.com


MORE FROM NEWS

Leave a Comment

Required fields are marked with *

   

TODAY'S HEADLINES

  1. Jamie Foxx Dumps Katie Holmes Over Her Scientology Drama
  2. Robert De Niro Has a Blowout Fight With Wife Grace Hightower
  3. Kris Jenner Is Ready to Fight for Full Custody of Rob's Daughter Dream
  4. Khloe Kardashian Is 'Begging' Tristan Thompson to Propose
  5. Report: Blac Chyna Is Pregnant With Rob Kardashian's Second Baby
  6. Report: Britney Spears Is Expecting a Child With Sam Asghari
  7. Cheryl Shows Off Bulging Baby Bump as She Officially Announces Pregnancy
  8. Kim Kardashian Suffers Nip Slip in Racy Corset Top
  9. New Photos Seem to Confirm Diane Kruger and Norman Reedus' Romance Rumors
  10. Daniel Craig and Rachel Weisz Are 'Living Separate Lives'

CELEBS PHOTO