Yes, that Bono
U2 frontman Bono is expected to make up to millions on the sale of troubled smartphone maker Palm.
According to irishcentral.com, Elevation Partners, Bono's private
equity company, has a massive stake in Palm and as share prices are
driven up by the impending buyout, the singer turned philanthropist
seems bound to make a small fortune.
Elevation Partners invested $425 million in Palm back in 2007 and 2008
and it apparently has a 41 percent stake in the smartphone maker. Palm
shares have jumped 32 percent in the past week and rumours of a
possible sale are fueling further growth. According to some estimates,
Elevation Partners could make up to $500 million on the Palm sales.
Perhaps Bono could use the windfall to pay back some third world debt, as he has been a prominent campaigner for third world debt relief for years.
More here.
