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Bebo founder buys back company for $1 million after selling for $850 million

Written by Andre Yoskowitz (Google+) @ 01 Jul 2013 15:37 User comments (8)

Bebo founder buys back company for $1 million after selling for $850 million Five years ago, Michael and Xochi Birch sold their popular social network Bebo to AOL for a handsome sum of $850 million.
The Birches pocketed over $300 million from the sale and quickly after selling the company fell apart on a scale similar to MySpace, as Facebook became the dominant player in the space.

In 2010, private equity firm Criterion Capital purchased the site for $10 million from AOL (who wrote off the massive loss) in an effort to turn it around but they failed as well, declaring Chapter 11 bankruptcy earlier this year.

Michael announced on his Twitter today that they have purchased the company back for just $1 million, and try to re-invent it if they can. Nicely done, Birch family.


Tags: Bebo
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8 user comments

11.7.2013 17:01

trolling

21.7.2013 20:49

LOl that is good short sale!

42.7.2013 13:55

Sweet Deal!
It happen to me with a house I dump in 2007 & get it back in 2011.

This message has been edited since its posting. Latest edit was made on 02 Jul 2013 @ 13:56

Live Free or Die.
The rule above all the rules is: Survive !
Capitalism: Funnel most of the $$$ to the already rich.

52.7.2013 18:25

LoL...nice to see someone getting money back from AOL.



63.7.2013 13:55

LOL.....Bebo sucked in the beginning and it still sucks now...Boy those two dorks know how to polish a turd and sell it for 850 mill and buy a turd back for 1 mill....LOL

This message has been edited since its posting. Latest edit was made on 03 Jul 2013 @ 13:55

75.7.2013 12:46

lol

86.7.2013 20:56

Well played...


babysatan will rip your soul...

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