U2’s Bono performing
U2 singer Bono’s stake in Elevation Partners has helped make him the “worst investor investor in America,” according to the online publication 24/7 Wall Street.
U2 — arguably the world’s most popular rock ‘n’ roll band — will perform June 12 at Denver’s Invesco Field at Mile High.
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.
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 has offices in New York and California’s Silicon Valley.
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.”
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.
And recently, Elevation committed to investing $100 million in Yelp, the San Francisco online user generated business review site, with $25 million to the company and the rest to stockholders. Shortly thereafter, Yelp was hit with multiple lawsuits claiming that it sought to extort money from local businesses in exchange for manipulating reviews, a charge the company says is false.
U2’s upcoming Denver show is the Irish band’s first outdoor performance in Denver since 1997 at the old Mile High Stadium. U2 has played at the Pepsi Center on more recent tours.
The show will feature what is believed to be the largest set for any rock concert, including a 150-foot spider-like construction looming over the midfield stage and a massive system of video monitors encircling the stage.
Invesco Field — home of the Denver Broncos of the National Football League — was designed to accommodate rock concerts, although they have seldom been staged there, as the economics of the rock-concert business has shifted most major tours to smaller basketball and hockey arenas.
The first ticketed event ever held at Invesco Field was an Aug. 11, 2001, concert by the Eagles.