On Thursday, Digg, the once-hugely popular social news site, sold to startup incubator Betaworks for $500,000, according to The Wall Street Journal's sources.
The $500,000 figure is absurdly low for a company that raised $45 million in investment from some of Silicon Valley's biggest names, but it wasn't just a cash deal. Equity in Betaworks was also part of the deal, and we don't know how much that was worth.
Last summer, New York-based hybrid investor/incubator/holding company thing Betaworks acquired social news site Digg and relaunched it soon after, hoping to bring back some of its mojo in the process. Nine months later, Betaworks ha... Read Post
Betaworks, a New York technology development firm that has had its eyes set on news distribution for some time, has purchased former social new powerhouse Digg.com for $500,000, sources close to the matter told the Wall Street Journ... Read Post