Forget the Real Estate Bubble, What About Social Networks?

It’s a crazy world we live in, when a social network site I have never heard of before – Bebo – turns down a $552 million acquisition offer from BT just weeks after raising a meager $15 million.

Michael Arrington has the details

Bebo has been on fire recently, and now has more than 25 million registered users and 3 billion monthly page views. Myspace, for comparison, has 70+ million users and nearly 30 billion monthly page views.

Seems like a lot of companies have heard the news that MySpace is now the most popular web site in the U.S. and they want a piece of the pie while it’s still hot out the oven.

UPDATE: Both BT and Bebo say the rumor is untrue.