Sale Of Mobile Device Maker Could Mean Millions For Bono
Mobile device maker Palm has reportedly put itself up for sale, a move that could mean a lot of money for [lastfm]U2[/lastfm] frontman [lastfm]Bono[/lastfm].
The singer’s Elevation Partners investment vehicle owns a 41 percent stake in the company. Last week, a key Palm executive quit and the maker of the Pre mobile device implemented a series of bonuses to keep other important personnel.
Wall Street has viewed this as an attempt on the company’s part to prepare for a sale, after its last profit statement led many to believe the firm might struggle to survive.
Despite U2′s reputation as one of the more media and business savvy bands in the industry, Bono has not had much luck with his recent investments. 24/7 Wall Street has called the Irish rocker the “Worst Investor In America,” with Elevation Partners losing significant money in investments like Palm.