Palm Urges Elevation Partners to Sell off $49M-Worth of Stock

Palm (NSDQ: PALM)’s primary investor, Elevation Partners, juiced the company with $100 million in December, but Palm is urging them to sell off half of the stock earned from the injection, in the hopes of making upwards of $49 million. You would think that this would be Palm trying to make enough money to stay afloat until the Pre launches, but Palm actually stipulates that Elevation Partners would just buy up common stock. The Palm Pre is rumoured to launch this month, so who knows how the stock will be doing in a few weeks from now – as is, releasing stocks to the public will likely dilute the market even further.

[via The Street]