Bebo sold to founder for $1m

<p>Bebo’s founder has bought the social network back.</p>

The founder of social networking site Bebo has repurchased the company for $1 million (£657,000) at an auction.

Michael and Xochi Birch set up Bebo around ten years ago and it was sold to AOL in 2008 for $850 million.

But it was sold on a couple of years ago for just $10 million as the number of users on the site dwindled compared to rivals such as Facebook and Twitter. YouTube, Tumblr, Google+ and Reddit are among the other sites to have stolen a march on Bebo, which was especially popular with teenagers in its heyday in the early 2000s.

Mr Birch has now bought the company from its receivers and stated on Twitter that he intends to reinvent the website through his incubator fund Monkey Inferno.

Monkey Inferno head Shaan Puri said: "We know the odds are stacked against us, but we love challenges and the Bebo users deserve better than what they have received the past few years."

Bebo rival Facebook recently claimed it has signed up its billionth member to the social network.

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