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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.

Birch's incubator fund The Monkey Inferno will be in charge of reinventing the site. 

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."