BlackBerry loves U2 but U2 still loves Palm

With all of the money RIM is dumping into its U2 sponsorship, a bit of irony shined through earlier this week when Palm announced its secondary stock offering. The big news that came alongside Palm’s offering was that Elevation Partners, already Palm’s largest investor, gobbled up another 2.2 million shares of Palm for a cool $35 million. The private equity firm now owns a total of 67.8 million common shares of Palm stock in addition to its 376,000 preferred shares, totaling about 42 percent of the company. The irony in all this of course, is that Elevation Partners’ Managing Director and Co-Founder just so happens to be one Paul David Hewson… Better known as Bono. Yep, the leader of the band currently pulling down huge bucks from RIM is busy buying up Palm. One can’t help but wonder which company’s handsets the U2 front man prefers.

[Via Mobility Site]

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Tags: investment, Palm, Palm Pixi, Palm Pre, Pixi, pre, stock, U2, webOS

Zach Epstein