Image via WikipediaPublished: July 1st, 2010
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Does Bono's investment seem odd?
Bono is known to be an incredible philanthropist, but apparently his investing instincts aren't quite as solid. We've learned that the legendary U2frontman is pumping approximately $120 million into Facebook...and not only is it silly, it's controversial!
Facebook currently hosts more than 400 million users worldwide and is valued at $11.5 billion dollars. In June the social networking mega-site acquired a newphoto-sharing service that's expected to elevate its prominence even further.
Perhaps that's why Bono and his investment company,Elevation Partners, are becoming involved. It's reported Bono is investing 80 million British pounds, or roughly $120 million, into Facebook. He'd previously held 60 million British pounds worth of shares, and apparently he sees even more promise in the company so he got hold of the coveted stock on the secondary market.
However, Perez Hilton's noting that Facebook's privacy issues and content at large have created sticky moral dilemmas for its investors -- Bono's one of the last people we thought we'd see getting active! Perez is also reporting that Bono isn't exactly known for his investing brains. Reports Perez, "He was named Worst Investor in America by [the] Wall Street Journal after putting in £312.5 million into debt-riddled cellphone maker Palm Inc."
Will Facebook sustain itself that much longer for Bono to see a return on his $210 million investment? Or do you think he should've put his cash toward something more meaningful? Leave us a comment below.
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