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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 wellโฆ when there wasn't a viable business model in the first place.
RyanAdair