The internet entrepreneur who founded Bebo has paid $1m (£660,000) to buy back the social networking site five years after selling it to AOL for $850m.
Michael
Birch, who co-founded the site with his wife, Xochi, in 2005, tweeted
late on Monday: "We just bought back Bebo for $1m. Can we actually
re-invent it? Who knows, but will be fun trying …"
Once the
darling of younger teenagers in Britain, Bebo reached a peak of 40
million monthly users in 2008 when it was bought by AOL in a deal widely
regarded even at the time as significantly overpriced.
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