dingostew.com

U2 frontman Bono is hoping to cash in on Facebook by almost doubling his stake in the social networking site.

The singer's private investment company, Elevation Partners, already owns $80 million in shares in the company, but has now upped its stake to a whopping $140 million.

He's hoping that the investment will turn around a series of terrible financial decisions made in recent years.

His California-based company lost millions after a vast investment in smart phone company Palm tanked when its shares plummeted, earning itself the title of 'Worst Investor' by one financial journal.

24/7 Wall Street called Elevation Partners "arguably the worst-run institutional fund of any size in the United States," adding that it had made "an unprecedented string of disastrous investments which even bad luck could not explain".

Crikey! Cue some horrible U2 themed facebook games and features!

Didnt know he had any stake in Facebook though. If he got in early, he woulda make a packet! Unlike AOL with Bebo!!