Zach from Boy Genius Report, posted a story about Palm. As it restates that BlackBerry Loves U2, there’s a different story concerning Palm and the lead vocalist of U2. It seems that while BlackBerry is sponsoring U2’s 360 Tour, Palm announced its secondary stock offering and along with that news was that Elevation Partners took up another 2.2 million shares of Palm.
Now Elevation Partners is already Palm’s largest investor, owning 67.8 million common shares and 376,000 preferred shares, it adds up to about 42% of the company. Elevation Partner’s Managing Director and Co Founder is Paul David Hewson, aka Bono. Here’s a little information on Bono and Elevation Partners. Bono has been more than just U2’s lead vocalist. In 1992 he purchased a hotel in Dublin named the Clarence Hotel and turned it from a two star to a five star hotel. In 2005 Time Magazine listed Bono and Bill Gates and his wife as Person of the Year. He is known for his humanitarian contributions especially with Africa, and best known for his Product Red initiative. Elevations Partners attempted to purchase Eidos Interactive back in 2005 which was not successful, and they have invested in other entertainment businesses. Bono, through Elevation Partners, has also invested in Forbes Media Group. They have a small minority stake in Forbes Media LLC.
Bono has become a successful vocalist, lyricist (only the 54th most successful song writer), and activist, but he’s also a successful businessman.
It’s interesting how at first Bono and U2 were pitching Apple just prior to being sponsored by BlackBerry, in fact in 2004 Steve Jobs dedicated in 2004 the first special-edition iPod in U2’s honor and they also agreed to making some of the songs exclusively available on iTunes. Bono was quoted as saying that Apple and U2 shared the same creative spirit. Â There are some other sites which are considering this venture a conflict of interest as though he’s torn in two. But as the entertainer he’s being sponsored by RIM, and as the businessman he has invested more into a company whose shares have gone up 170% in the last twelve months.
You have to wonder what smartphone lies in Bono’s hand? The iPhone, the BlackBerry, or the Palm?
[via: The Boy Genius Report]