Bebo bought back by founder for $1 million
July 3 , 2013
Social network Bebo was bought back by one of its founders at auction on Tuesday for $1 million.
Michael and Xochi Birch established Bebo in the early 2000s.
It was sold to AOL in 2008 for $850 million but a steady drop in users saw it sold on for $10 million in 2010.
In a tweet, Michael Birch announced he had acquired Bebo, adding he would relaunch the network.
"Can we actually reinvent it? Who knows, but it will be fun trying..." he tweeted.
In May, Bebo sought bankruptcy protection with Birch buying the company from its receivers.
Birch's incubator fund Monkey Inferno has been assigned the responsibility of reinventing the site.