Bono loses out on Palm punt
HOT UNDER THE COLLAR: Bono has lost a packet, but isn't about to go broke
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U2 frontman Bono may take a haircut on the stockmarkets. The singer, one of the directors of private equity group Elevation Partners, has seen its $325m punt on technology firm Palm go sour.
Earlier this month, Palm shares crashed following a major profits warning. Elevation Partners effectively owns 25 per cent of the company, through a complex $325m share deal inked last year. Palm is now worth just $190m. The investment was made at about $8.50 per share, with Palm trading at just $1.50 last week.
Elevation has rubbished suggestions that it is preparing to sell out of the troubled handset maker.
- Nick Webb
