HENRY DILTZ, AFP/Getty Images When Rhode Island's Newport Jazz Festival…
- Posted on Jan 10th 2011 12:30PM by John D. Luerssen
Mark Metcalfe, Getty Images
According to the Word, Bono's private equity firm, which specializes in media and entertainment, has quadrupled its initial investment to $750 million due to the success of Facebook. According to Elevation's official website, the company has nearly $1.9 billion in committed capital.
The Facebook news is good for Bono, who seems to have found what he's been looking for with Elevation. But serving as the company's co-founder and managing director has come with its share of struggles.
Last march, the leather-clad frontman born Paul Hewson was named the "worst investor in America" by 24/7 Wall Street. At the time, it looked as if Elevation might lose its shirt due to a risky $460 million investment in Palm, but it managed to walk away unscathed when Palm was bought out by Hewlett-Packard for $1.2 Billion.
If only that success could translate over to the 'Spider-Man' musical ...