Bebo’s Final Passage, Chapter 11
At its height, Bebo had about 40 million users. I remember using Bebo to keep in touch with friends back home while I travelled around the United States. It was great. It was like some sort of social email experience that all my friends could participate in.
AOL saw opportunity, and so acquired Bebo for $850 million. As time went on, Facebook gained popularity over Bebo. I remember when I switched to Facebook. It was like a breath of fresh air. It was well structured and orderly, I could live here.
Two years elapsed and AOL were ready to sell their darling. They struck a deal with Criterion Capital Partners for $10 million. Now, three years later and in it’s final passage, Bebo has filed for Chapter 11 bankruptcy.
What were any of them thinking? A tale of delusion and greed indeed. This could be a great movie.