How the mighty have fallen. The social sharing site has sold for just $500,000 to New York startup incubator Betaworks.
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The small selling price just goes to show how quickly fortunes can turn for even the hottest web startups. According to , Digg took more than $45 million from investors since launching in 2004.
On its blog, Betaworks says it is the Digg into the team.
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The company also vows that it is going to "turn Digg back into a startup. Low budget, small team, fast cycles."
Since the release of Digg v4, dubbed "the new Digg" in the summer of 2010, the once-hot company has met with a series of challenges. led to , and . Digg co-founder Kevin Rose in March 2011.
In May, Social Code hired away more than half of Digg's staff. Since then, The Journal reports that a number of companies bid on the remaining assets.
At this point, it almost looks like the most valuable part of Digg is the once-hot brand name. It may be hard to remember for some web users, but in a land before the mainstreamification of Reddit, Digg was the place to be.
We look forward to seeing how the News.me team integrates the assets into its service.
Are you surprised with Digg's low sales price? Let us know in the comments.
This story originally published on Mashable .
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