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  • Bono’s Silicon Valley Soap Opera

    An ugly fight over money is threatening the future of Bono’s Silicon Valley private-equity firm, Elevation Partners.

    The rocker’s days as a tech mogul could be ending: A key founding partner is ditching Bono’s private-equity firm, Elevation, in a nasty spat that’s going public, just as the company is trying to launch a second investment fund.

    An ugly fight over money is threatening the future of Bono’s Silicon Valley private-equity firm, Elevation Partners.

    After several rough years, a key founding partner, Marc Bodnick, is bailing out and fighting with Elevation’s leader, Roger McNamee, over his share of the firm’s profits, according to a person close to the company.

    The feud, which has been simmering in private, now is erupting into a nasty public battle after blogs got wind of Bodnick’s plans to leave and join Quora, a hot Silicon Valley startup.

    It’s all playing out like an episode of some Silicon Valley soap opera, and it’s happening at a terrible time, just as Elevation is trying to get investors to put in more money so it can launch a second investment fund. If Elevation can’t raise a new fund, the firm eventually will dwindle away, a source in the Valley venture community says.

    And that could spell the end of Bono’s days as a tech mogul.

    Bodnick’s departure is a blow for Elevation, which has struggled after some of its biggest investments, such as a stake in mobile-phone maker Palm, failed to pan out.

    Bodnick did not return messages. Elevation officially declined to comment about Bodnick, but an insider, speaking on the condition of anonymity, said Bodnick had exaggerated his contribution to Elevation’s success.

    They’re especially miffed by a recent profile of Bodnick in the San Jose Mercury News in which Bodnick got a lot of credit—too much, the Elevation insider says—for Elevation’s successful investment in Facebook.

    Read More:

    http://www.thedailybeast.com/blogs-and-stories/2011-01-27/bonos-silicon-valley-soap-opera-elevation-partners-shake-up/?cid=hp:mainpromo4

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