Call it Apple branded Karma for jumping ship to RIM, or maybe just an indication that Bono has no idea what he’s doing, but either way, the U2 frontman was recently named the worst investor in America on account of his lackluster holdings in Palm, Forbes, and Move.com
Bono is listed on Elevation’s website as one of the five leaders, along with Fred Anderson, former CFO at, 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 – after the company’s efforts to regain mobile phone market share from Apple, RIM and other smartphone makers failed.
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.”
Palm of course is a sinking ship whose stock has dropped all the way down to $3 a share and some change over the past few days in light of extremely disappointing earnings. Maybe we now know what Bono was singing about in “Still haven’t found what I’m looking for” – a good investment.