Back

2005: Rupert Murdoch paid $580m for Myspace.
2009: he sold it in $35m.

2008: Bebo was sold for $850m, to AOL. The founders later bought it back for $1m. It was regarded as one of the worst deals ever made in the dot-com era.

2013: Yahoo paid $1.1bn for Tumblr. 2019: they sold it in $3m.

Elon Musk paid $44bn for Twitter. If history has taught us anything it's that this isn't going to end well… when there wasn't a viable business model in the first place.