“With large investments in Palm, Forbes, and Move.com — ‘an unprecedented string of disastrous investments which even bad luck could not explain’ — Elevation Partners has earned the distinction of being “arguably the worst run institutional fund of any size in the United States,” 24/7 Wall Street asserts,” Hoge reports.
Hoge reports, “Bono is listed on Elevation’s website as one of the five leaders, along with Fred Anderson, former CFO at Apple Computer, Marc Bodnick, founding principal of Silver Lake Partners, Roger McNamee, co-founder of Silver Lake and Integral Capital Partners and Bret Pearlman, former senior managing director of The Blackstone Group.”
“Elevation bought 25 percent of Palm in 2007, and the company’s stock has since tanked – down to $3.65 from $18 last September,” Hoge reports. “Citing unnamed sources, 24/7 says Elevation Partners put $300 million into Forbes’ online operations in 2006, and the company’s total value has dropped from $750 million to ‘perhaps $100 million.’ Elevation put $100 million into Move.com, which owns home and real estate websites, and company shares subsequently lost 50 percent of their value, 24/7 noted.”
Full article here.
MacDailyNews Take: Bono’s not an investor, he’s an incinerator (who nonetheless bakes a mean pie).