U2 frontman Bono is expected to make up to millions on the sale of troubled smartphone maker Palm.

According to irishcentral.com, Elevation Partners, Bono's private equity company, has a massive stake in Palm and as share prices are driven up by the impending buyout, the singer turned philanthropist seems bound to make a small fortune.

Elevation Partners invested $425 million in Palm back in 2007 and 2008 and it apparently has a 41 percent stake in the smartphone maker. Palm shares have jumped 32 percent in the past week and rumours of a possible sale are fueling further growth. According to some estimates, Elevation Partners could make up to $500 million on the Palm sales.

Perhaps Bono could use the windfall to pay back some third world debt, as he has been a prominent campaigner for third world debt relief for years.

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