Digg Sold for Just $500,000
Posted: 7/13/2012 | By: Charles Arthur | The Guardian
Digg,
the "social news" site which was once the poster child for Web 2.0 and
valued at up to $175m, has been sold to New York technology development
company Betaworks for just $500,000 (£324,000) in cash plus equity.
The sale of the seven-year-old site, founded a few months after Facebook, marks a colossal loss for its former venture capital backers, who put in a total of $45m during its life as an independent.
The sale of the seven-year-old site, founded a few months after Facebook, marks a colossal loss for its former venture capital backers, who put in a total of $45m during its life as an independent.