From the London Daily Mail:
> Bebo founders buy back worthless social network for $1million after selling it to AOL for $850million 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.'
> A bit more:
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.'
> A bit more:
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.'Unfortunately, AOL mismanagement (the CEO got fired over this acquisition) and the rise of Facebook took their toll. All in all, it is kind of amazing that both AOL and BEBO are still around. I wish the Birch's well with their new toy...
