“U2 frontman Bono is set to book a loss of $140m (£92m) after Palm announced a $1.2bn deal to sell itself to personal computer giant Hewlett-Packard,” James Quinn reports for The Telegraph.
MacDailyNews Take: There’s a reason why Bono was recently named the worst investor is the U.S. This is a guy who was flying along aboard Secretariat, but inexplicably jumped off onto a nag bound for the glue factory.
Quinn continues, “Bono’s private equity venture, Elevation Partners, owns an approximate 30pc stake in Palm, having invested $460m in the struggling handset maker in 2007 and 2008. The H-P deal values Palm’s equity at $961m – the rest of the deal price is debt – meaning Elevation’s stake will be worth roughly $320m.”
Full article here.
MacDailyNews Take: Better book some more BlackBerry commercials, Paulie. 
BTW, has anyone ever seen Bono and Robin Williams in the same place at the same time?
ROFL! 😀
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He was also named the worst investor of the year 2009 I think it was
… and I still, haven’t found …
Well, that explains why my ticket to their upcoming gig cost $350. FACE VALUE.
@ Gomer37
JINX!!!
Palm does have some intellectual property of interest, but 1.2 to 1.4 BILLION worth?
Sheesh, did Bone-Oh make that call?
Would you trust investments or investment capital to a washed up, egomaniacal, irrelevant “rock star”?
Shadenfreud?
I hear MC Hammer wants to invest in Enron.
Winston, why? Why would you pay that for an indie band that was anti-establishment and reasonably good, that became mainstream and mediocre at best?
U2 long ago sold their soul for rock and roll, and shite rock and roll at that.
I wouldn’t Pay 25 bucks to see them now. Self serving egotists enabled by idiots like u..
It’s too bad–I remember when Steve Jobs was introducing the iTunes store and he had a bunch of music celebs on satellite to talk about it. Bono was one (and he basically said let the big media companies go fsck themselves. It was live and from his reaction, Jobs was obviously a bit surprised. Classic moment.)
Pic looks like Robin Williams….is that really how Bono looks these days?
Billboard has released its list of 2010 Money Makers list, compiled from tour earnings, CD and digital sales, publishing royalties, etc.
Hare are the top 5 earnings:
1) U2 — $108 million
2) Bruce Springsteen – $57 million
3) Madonna – $47 million
4) AC/DC – $43 million
5) Britney Spears – $38 million
Young acts like the Jonas Brothers and Miley Cyrus came in respectively at #7 ($33 million) and #15 ($21 million).
irrelevant “rock star”?
We should all be so lucky to be so “Irrelevant”
He looks like Robin Williams… meh.
US$140 million loss couldn’t happen to a nicer guy. Whore.
Bono’s a bonehead. Should have stuck with us, dufus.
Can someone explain why there is a picture of robin williams in this?
This seems to be an MDN trend
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http://macdailynews.com/index.php/weblog/comments/24515/
jtc et al.,
Click the photo. It’s not that hard.
@Truth: Nostalgia, I guess. Your critique is spot on, but I’m a sucker for their early stuff. Stuck in the past a bit, I admit. Hey, just last Sunday I saw Echo & the Bunnymen! For literally one-tenth the price of my U2 ticket ($35 vs. $350).
all together now: awwwwwwwwwwwhhhhhhhhhh!
Poor billionaire rock star. Have some more coke and whores.
Sorry to state the obvious, but there are many partners in Elevation Partners.
So, no, Bono is not “set to book $140 million loss as HP swallows beleaguered Palm”
MDN: true–and scary! Are Robin Williams and Bono married? I’ve heard married people look more and more alike the older they get….
“Billboard has released its list of 2010 Money Makers list, compiled from tour earnings, CD and digital sales, publishing royaltie”
You do realize that U2 and Bono launder their royalties thru the Netherlands? It was in all the papers and created a huge controversy in Ireland, where Bono told the public to not be hypocrites. They’ve been irrelevant since Zooropa.
Guess Bono is more of a bone in kinda guy.
Hey it’s a “look how cool I can be by bashing someone who made something out of themselves from nothing while trying to help poor people” thread. Yeah, you guys are SO cool. Can I be like you?
That is not fair to Robin Williams. Yes, Robin Williams is a jerk. But, people may think that he can’t invest either!
And yes, that is my first thoughts when I see either guy’s picture. So, who is Bono’s daddy?