Michael Birch re-acquires Bebo for $1m

Michael Birch originally founded Bebo and sold it to AOL for $850m on May 19, 2008 making him one of the most successful UK entrepreneurs with his wife. AOL then sold the ailing company to Criterion Capital Partners in June 2010 for around $10m.

Birch then rejoined company as a strategic advisor on December 9, 2010.

Birch today announced on twitter that he has re-purchased the social media site for $1m.

Though the site has been left behind other social media sites like Facebook, Birch can maybe bring it into the forefront again and do something clever with it.