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Digg sells to Betaworks for $500k

Radford C. Jul 13, 2012 0

shovel-digging-hole-for-digg

Digg has been acquired by Betaworks for the fire sale price of $500,000. Digg CEO Matt Williams announced today in a company blog post that the community sharing site.

For the last six months, the troubled site has been looking for buyers. In July 2008, it was in deep acquisition talks with Google for a reported $200 million price tag, but the deal fell through. Four years later, the site will fold and push into News.me.

When the site was at its infancy back in 2004,  its cornerstone consisted of letting people vote stories up or down by digging and burying entries, respectively. The site’s popularity prompted the creation of copycat social networking sites with story submission and voting systems.

It went through four revisions. In its final revision, the site experienced a number of bugs and glitches that resulted in user backlash and led to heavy posting of articles on Reddit – Digg’s competitor. In 2010, Matt Williams took over as CEO, ending Rose’s troubled tenure as interim chief executive. Rose then founded Milk which was later dismantled by Google when the search giant hired Milk’s product and design talent. The team is reported to work on Google’s social projects, particularly Google+.

Via »Digg Blog