It turns out Bono has dropped a bundle, $140 million to be exact, on his investment in Palm.
Palm was acquired by Hewlett-Packard for $1.2 billion last week. It turns out the U2 star owned 30% of Palm through his private investment company Elevation Partners. That is roughly $320 million of stock.HP moved on Palm to give it accelerated growth in the mobile market but the deal accepted by Palm from Hewlett-Packard shaves a lot of money, at least on paper, out of Bono’s bank account.
The deal values Palm shares at $5.70. They were at $18.09 last year following the release of the Palm Pre handset.
Bono was called “the worst investor in America’ by blog 24/7 Wall Street. They said he had “an unprecedented string of disastrous investments which even bad luck could not explain”.
