U2’s Bono set to book $140 million loss as HP swallows beleaguered Palm

“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. wink

BTW, has anyone ever seen Bono and Robin Williams in the same place at the same time?

53 Comments

  1. 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”?

  2. 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..

  3. 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.)

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