The San Francisco-based investor is now the proud owner of social networking site Bebo after buying it from internet giant AOL last month.

Levin won't reveal the price, but analysts estimate that he paid something between $5m and $10m - a fraction of the massive $850m AOL spent on it in 2008.

"We got a fair deal - we're very happy with the company we've bought," said Levin, adding that he was "really excited" about the future prospects for the company.

The challenge will be to do what AOL failed to do - ensure that Bebo survives and grows in a social networking market dominated by Facebook.

More: http://www.bbc.co.uk/news/10602577