What is Michael and Xochi Birch's Net Worth?
Michael and Xochi Birch are a dynamic IT couple with a net worth of $390 million. Michael Birch, born in the UK, and Xochi Birch, an American native, have been successful entrepreneurs since 1999. They co-founded several companies, most notably the social networking site Bebo.
Launch and Success of Bebo
In 2005, the couple launched Bebo, combining their expertise in computer programming and entrepreneurship. By 2007, Bebo had exploded in popularity, boasting over 45 million registered users. This rapid growth placed Bebo ahead of prominent sites like AOL, Amazon.co.uk, and BBC.co.uk, making it the sixth most popular site in the UK.
The AOL Acquisition
In 2008, Michael and Xochi Birch sold Bebo to AOL for a staggering $850 million. Their 70% ownership in Bebo yielded a massive profit of $595 million. Yet, under its new ownership, Bebo struggled and eventually went bankrupt.
Re-acquisition and New Ventures
In a twist of fate, the Birches re-acquired Bebo for only $1 million in 2013. Today, they manage five different companies they established post-Bebo acquisition.
The Battery and Philanthropy
One of their current ventures is The Battery, an exclusive members club in San Francisco focusing on fostering a culture of inspiration, diverse community connectivity, and humility. Their philanthropic efforts are noteworthy, with significant support for charity:water, a non-profit organization dedicated to providing safe drinking water to people in developing countries.
Michael and Xochi Birch's journey from creating Bebo to their current philanthropic endeavors is a testament to their innovative and entrepreneurial spirit.
