It's hard to say why LiveJournal, which combines blogging and social networking in an era defined by those trends, remains an also-ran. Started in 1999, LiveJournal should have a market capitalization somewhere north of Google's by now. But LiveJournal never became a giant of the Web 2.0 era, perhaps due to a combination of management missteps and a user base that's, well, slightly too passionate. The site's Wikipedia page details some dramatic blowups, among them the controversial addition of advertising on non-free accounts, a year after management promised not to put advertising on the site.
Six Apart, which makes MovableType blogging software, purchased LiveJournal in 2005; two years later, they sold it to a Russian company, SUP.