Remember this? Ex-AOL CEO Randy Falco's email from 2008, explaining why he bought Bebo for $850 million: "This acquisition is game changing for AOL. It puts us squarely in a leading position in social media at a time when it's growing at a fantastic rate...Bebo is a true pioneer of the social Web." Today Bebo's founder Michael Birch bought back his failed company for $1 million.
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