SAN FRANCISCO -- Michael Birch has bought back Bebo, the also-ran social network that he founded in 2005, for $1 million.
Bebo was purchased by the Monkey Inferno, the San Francisco incubator run by Birch. He made the announcement on Twitter.
"Can we actually re-invent it? Who knows, but it will be fun trying," Birch wrote.
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
Bebo, once a popular social networking site especially in Europe, has had a tangled history. Birch sold the company to AOL for $850 million in 2008. The 70% combined stake that he and wife Xochi Birch held earned them a whopping $595 million.
But, with Bebo overshadowed by the meteoric rise of Facebook, it was nearly impossible to turn the once-crowded online hangout into a moneymaker. So AOL unloaded the social network on Criterion Capital Partners, a private equity fund in Studio City, two years later.