March 26, 2010

More About Bono's Bad Investments

DAVOS/SWITZERLAND, 24JAN08 - Bono, Musician, D...Image via Wikipedia
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U2 frontman Bono and singer Prince are facing financial troubles due to a series of bad investments and ignoring tax laws. In fact, disastrous investments by Bono have led to the Wall Street Journal calling him the Worst Investor in America.
Bono is not only known for his rockstar prowess, but also his charitable side. He is a consummate activist and has campaigned ferverntly for change and awareness in Africa. His efforts have made him the unofficial global ambassador for Africa. He’s been in every major political arena including Davos, the White House, and the U.N. championing the cause of helping Africa. Moreover, Bono created the Red campaign to bring awareness to the plight of Africans while donating a portion of the proceeds to his charitable trust.
Bono’s newest fame gain, however, is not quite as noble. Bono’s new title “worst investor in America” reveals that even celebrities are not immune to financial mishaps. The Journal reports that Bono was simply a first-rate horrible investor. His investments include large stakes in the Elevation Partners investment group in which he is a partner.
Elevation Partners made some rather questionable investments. The most recognizable investment is in the PDA maker Palm, whose recent financial reports find the company teetering on the brink of bankruptcy. The group invested $100 million in a company called, which owns real estate websites. Shares have since dropped 50 percent.
As for “Purple Rain” singer Prince, his financial woes stem from a different problem, namely taxes. Prince has not paid taxes on his Minnesota home. He currently owes more than $227,000 in back taxes. Including his other properties, the crooner owes approximately $450,000 in taxes. He has a deadline of April 21 before he faces further penalties.
Written by Lani Shadduck

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