In 2008, Bebo founder Michael Birch probably couldn’t believe his luck when AOL paid $850m for his social media platform.
He’s probably pinching himself again, following the news that he’s back in charge of his creation – after purchasing it for just a million dollars.
Birch now aims to reinvent the website, after AOL discovered it didn’t have the firepower to compete against the likes of Facebook and Twitter.
We just bought Bebo back for $1m. Can we actually re-invent it? Who knows, but it will be fun trying…
— Michael Birch (@mickbirch) July 1, 2013
His San Francisco-based team Monkey Inferno is now working on redesigning the website. Chief executive Shaan Puri said: “We know the odds are stacked against us but we love challenges.”
(Sources: The Telegraph, MediaGuardian)
