Bebo founders buy back worthless social network for $1 M after selling it to AOL for $850 M just five years ago -
The founders of Bebo have bought back the worthless social network for $1 million after selling it to AOL for $850 million just five years ago then watching it die.
Husband-and-wife team Michael and Xochi Birch netted some $600 million from the sale but the business crumbled shortly after the acquisition thanks to AOL's mismanagement and the rise of Facebook.
But the minted British tech wiz tweeted today that he and his equally brainy spouse had snapped up the company they made a killing from for a song - 1/850th of the sale price - and did it all for 'fun.'
'We just bought Bebo back for $1m. Can we actually re-invent it? Who knows, but it'll be fun trying..' he wrote.
Bebo, which stands for 'Blog Early, Blog Often,' was founded in 2005 and in its hey day had some 40 million users around the world.
AOL paid the exorbitant sum boasting that the purchase was a 'game-changing' step that would put it 'squarely in a leading position in social media.'
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