Celebrities who made idiotic investments – These days there are infinite ways to become rich and famous. The spawn of reality television in the ’90s created a new breed of celebrity unique to this generation. From media moguls famous for a home movie to YouTube superstars to former MTV VJs, stardom is a destination with more accessible roads than ever.
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Of course, most upper echelon celebs took the traditional route to stardom. Being awesomely talented, otherworldly beautiful, born into perfect circumstance, or all of the above, will lead to fame in any generation.
No matter how one achieves his/her fortune, one thing is certain: being insanely rich is one of the best deals going. Love, passion, and inner peace are great, but I’d definitely achieve nirvana the first time more than one comma appeared on my bank statement. Wealth brings freedom, and freedom breeds creativity. A flush bank account also leads to tons of free time and a lot of confidence in how to use it. When you’ve mastered one field, why not try your hand at another, right?
Diversification is important for any portfolio, but it also increases risk. Someone might be the greatest musician or the best Instagram twerker ever, but that’s no guarantee for success in the hotel business. In this list, you’ll find celebrities of all types – athletes, models, actors, reality stars – who bit off more than they could chew and paid a handsome, embarrassing price.
Here are 10 Celebrities Who Made Idiotic Investments.
10. Bono – Lost $140 M With PalmPilots
As the frontman for Irish rock band U2, Bono is one of the most famous people on Earth. U2 has sold over 170 million albums, won more Grammy Awards (22) than any artist in history, and was a first ballot Rock & Roll Hall of Fame inductee. The music-hating outcasts among us might know Bono as the 2005 TIMEPerson of the Year, a generous philanthropist, or successful venture capitalist. No? Well, he was also immortalized as a character on both The Simpsons and South Park. Bono is a big deal.
But fame and fortune can’t always shield celebs from bad business decisions. In 2004, Bono bought a large stake in Elevation Partners, a private equity firm heavily invested in Palm, Inc. Bono controlled a 30% stake in Palm, the company that introduced suburban mothers everywhere to PalmPilots – digital, handheld “assistants” that, in hindsight, were about as functional as carrying around a physical calendar. Bono was sitting pretty with Palm stock worth roughly $325 million, but the company botched the launch of its first smartphone. The iPhone became a thing, and Palm stock dropped from $18 to $5.70 a share. After the dust settled, the Joshua Tree singer had lost $140 million.
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