SOCIAL NEWS: Founder buys Bebo for $1m
Social media platform Bebo is set to be relaunched after one of its founders, Michael Birch, bought the company at auction for $1 million.
Birch announced that he had acquired Bebo via Twitter. He wrote: "Can we actually reinvent it? Who knows, but it will be fun trying..."
After being acquired by AOL in 2008 for $850 million, declining visitor numbers led the internet giant to sell off the social network to Criterion Capital and a consortium of individual investors.
Bebo sought bankruptcy protection in May and Mr Birch has now bought the company from its receivers.
Shaan Puri, CEO at The Monkey Inferno, 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."