Bono Buys Massive Stake in Facebook

Bono Buys Massive Stake in Facebook
Sure, many have given him a hard time in the past, but U2 frontman Bono appears to be lonely at the top of the world. While the rest of us are dicking around on social networking sites all day, he's busy destroying touring the world with his band. But to catch up and make some friends, he's decided it's time to increase his investment in Facebook.


 According to Canoe, the rock'n'roll blowhard and his private equity firm Elevation Partners threw $120 million at their Facebook venture, making their total Facebook investment $210 million, after purchasing shares from insiders on the secondary market.

Since it's not waning in popularity, this is probably a good idea for Bono and co. After all, his investors dropped $500 million on the failing Palm Inc. cellphone company in 2008, right before stocks plummeted. The move earned him the coveted Worst Investor in America title from the Wall Street Journal, who described his financial decisions as "an unprecedented string of disastrous investments which even bad luck could not explain."

Then again, there's no such thing as a bad investment if you're barely paying tax.