The ever munchable Sarah Lacy
reports from TechCrunch that Elevation Partners is far from going belly up, despite Palm hovering at the $4 a share mark. The savvier members of the team put together a whole bunch of financial instruments that would save Elevation’s bacon even if Palm’s value dropped, which, lo and behold, it did! As it is Elevation is actually breaking even on its Palm investment, which is a lot better than other investors did in the past twelve months. But what really saved its ass was Elevation’s secondary market purchase into Facebook at $30 a share. It doesn’t hurt that Facebook and Elevation Partners were already very cozy with each other personally as well as business-wise, either. Good job, Lacy!
I suppose Bono can reapply that smirk on his face and get back to his job of being a smug self centered righteous twit going on about debt forgiveness and global warming and cupping Al Gore’s testicles.