Michael and Xochi Birch met in a London pub back in 2005. Later, the pair decided to launch a social network from their San Francisco living room. About 40 million people signed up and two years later, AOL plunked down $850 million to buy the site. The Birches, who reportedly owned a 70 percent stake in the company, walk away with $595 million. Our advice for the first few dollars spent, below.
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Nick, not only did you bring it, you sat it down, took a picture of it, and made sure Piggy and Metalmouth had sex with it. Well done.
Real "BALLAS" get their hair done (and their genitals waxed) in San Jose.
Wow, if the Birches still owned 70% of the company when the deal went through (and Balderton Cap owned 15.7% as has been reported ), it doesn't look like the execs and the 70+ employees did all that well. Relatively speaking, of course - they all won the lottery by unloading this sucker on AOL for that kind of money before the social networking bubble completely deflates.
@matto: s/hair done/hair did/ ... you're welcome.
-mike <-- just keeping it real for the homies in the south bay.
@bjs:
121.55 million for the rest of the 98 employees at the company. i'm sure everyone made out with close to a mil.
Michael and Xochi met in a bar while they were at college - which must have been c 15 years ago, not in 2005.
doubt it..remember there's the corporate ladder to consider
the cto, cfo, probably 5-10 mils, vps will prob walk out with > couple million.. directors maybe ~ 1 mil.
leaving the lonely programmers and qa guys to pick up the leftovers.
Its embarrasing enough to state you work at bebo.. but even more embarrasing to say you didn't walk away with squat.
I was wondering what happened to Belle and Sebastian.....
His brother, Paul Birch, owned some shares as well. But hopefully Paul won't waste any more money trying to copy his brother... he just spent two years in 'stealth mode' before releasing some pointless social network spin-off.
But nobody cared.
@JDone: I'd like to hear more about this story. Email me?
wow, nice take
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