Bebo founder Michael Burch claims to have repurchased the site for $1m

Bebo founder Michael Burch has revealed that he has bought back the ailing social media platform for $1m, having sold it to AOL just five years ago for $850m.

In a tweet, Burch announced that he had repurchased the site with a tweet that read: "We just bought Bebo back for $1m. Can we actually re-invent it? Who knows, but it will be fun trying..."

Burch launched the social media site eight years ago before selling it to AOL, which in turn sold it onto CCP in 2010 for under $10m, while Facebook grew into a billion dollar property.

In April the site filed a bankruptcy motion and entered receivership before apparently being purchased by its founder.

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