Monday, July 1, 2013

Stupid business decisions


Bebo founders buy back worthless social network for $1million after selling it to AOL for $850million just five years ago


  • Michael Birch and his wife, Xochi Birch, netted some $600 million from the sale of their social network in 2008

  • At one point, Bebo had 40 million users but two months ago the company filed for bankruptcy
  • Downfall was due to AOL's mismanagement and the rise of Facebook

  • Mr Birch tweeted today they'd bought back the company for $1m for 'fun'

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