Bebo founder buys it back for a mystifying $1million
Michael Birch, the bloke who founded Bebo, sold his social networking site for the best part of a billion dollars to AOL who promptly ruined it, and then, years later, bought it back for $1 million.
In a tweet, Birch said: "We just bought Bebo back for $1m. Can we actually re-invent it? Who knows, but it will be fun trying…".
But why a million? Surely he could've bought it back for a dollar? Still, if you're the kind of bloke who has a million to spare for a vanity project, to see if dead dotcoms can be revived, it wouldn't make much difference.
There's a trend for this at the moment however, with Justin Timberlake re-inventing MySpace which launched with a $20m marketing campaign behind it and 31 million unique jumping on it.
So will the returning Bebo make any headway? If people are tiring of Facebook with their off-site log-ins and needlessly complicated networks, maybe so.