MOL Global, a Malaysian company, has acquired 100% of social networking site Friendster for an undisclosed amount, reveals Forbes.com.
According to Forbes, while Friendster is a distant runner-up to social networking groups like Facebook and MySpace, it is doing well in Asia, where 90% of its daily site traffic originates. The company claims to have more registered users in Asia than any other social networking site, says Forbes.
The man behind the purchase, Vincent Tan, is No. 10 on Forbes' list of Malaysia’s richest in June with a fortune of $750 million. He now has an estimated net worth around $1 billion and is a candidate to return to Forbes' billionaire ranks in March.
The combined revenue of the two groups is reported to be $110 million, reveals Forbes.