Bono’s reputation as the "worst investor in America" is about to be shot to pieces – again with the rock singer set to make at least $250 million from his $100 million investment in social media site Yelp.
Already guaranteed to make a massive profit of $1 billion on the Facebook flotation, the U2 frontman is in line for another windfall.
Ireland’s best known rock star is set to profit mightily from a shrewd investment in Yelp according to the Sunday Independent.
His shareholding, made via the Elevation Partners private equity firm in Silicon Valley, is set to reap a handsome divided courtesy of a forthcoming IPO.
Yelp announced plans for the billion dollar IPO last week, the first major internet company IPO on Wall Street this year.
Analysts are keen to see how Yelp performs ahead of the $150 billion Facebook listing later this year.
Elevation owns 1.5 per cent of Facebook while many of the social networking site’s 300 employees in Dublin will also benefit from the floatation.
The $100 million Yelp investment has already doubled in value in just over two years for Bono and the Elevation Partners firm.
The U2 frontman’s latest dividend makes a mockery of the 2010 declaration by well-known US investment website, 24/7WallSt, that labelled Bono the "worst investor in America."
That claim was made following a series of investments in handset maker Palm, property website Move.com and business magazine Forbes.