Bonos gambling instincts bag him PS56.4 million bountyJanuary 14th, 2009 - 4:46 pm ICT by ANI
London, January 14 (ANI): Bono has reportedly earned himself 56.4 million pounds after taking a gamble by investing in a debt-riddled firm.
U2s frontmans Elevation Partners company was said to have invested 67.1 million pounds to save smart telephone maker Palm Inc, as it prepared to launch new products in January.
The singers California-based private-equity business reportedly reaped millions after Palms new touch-sensitive technology gave its shares a high-flying boost by 34 percent on January 9.
Elevation Partners was alleged to have poured 218.1 million pounds into Palm in October 2007 for a 25 percent stake in the company, reports the Daily Express.
But apparently the companys latest quarter reported to have incurred a loss of 339.6 million pounds, leading Elevation to put in the most recent multi-million dollar figure, hiking the corporations stake to 39 percent.
It was further claimed that the raise upped the amount Bono gambled by an estimated 84 per cent, to 123.5 million pounds. (ANI)
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