Michael Birch, founder of struggling social network firm Bebo, has bought the site back from the receivers for $1 million. The British-born entrepreneur and his wife Xochi sold the network to AOL for $850 million back in 2008, but the firm has not prospered since the sale.
Birch announced the news in a tweet yesterday.
“We just bought Bebo back for $1m. Can we actually re-invent it? Who knows, but it will be fun trying…”
Birch joins the About.me founders and Michael Dell as founders diving back into their firms in 2013. AOL bought About.me for $25 million two years previously, before selling the firm for a fraction of that. And Dell announced he was taking control of the computer firm he started up, buying back $24.4 billion-worth of Dell shares, with a little help from Microsoft.
In May of this year, it filed for Chapter 11 bankruptcy.
What do you think Birch should do with his site, now he’s back in the driving seat? Social media has changed so much since he was last in the game, so how should the new Bebo look?