Bebo was first launched back in 2006, two years after which it quickly became the largest social network in the UK, with around 10.7 million users, which compared to MySpace’s 10.11 million users and Facebook’s 7.6 million users, the site was huge.
However the tables turned shortly after that, with Facebook growing to over 30 million UK users to date.
So the site was struggling and the founders decided it was time to sell their creation on for $850 million (£560m) back in 2008 to AOL, of course the site still couldn’t find the users and was then sold once more to Criterion Capital Partners two years later for $10 million.
And now, the founders have bought the site back for the tiny price of $1 million, meaning (without thinking about interest) they basically made a 850% return from their original sale,
The news was announced via Michael Birch’s Twitter account where he stated, “We just bought Bebo back for $1m. Can we actually re-invent it? Who knows, but it will be fun trying…”
There’s no news on what they will do with the social network yet, but for that little money, I’m sure there still quite happy with themselves.