Digg Sold for $500k

by Christopher Paul on July 12, 2012

The WSJ is reporting that Digg was sold for a fraction of the money it raised from VCs:

Under the deal, which Digg confirmed closed Thursday, Betaworks is buying the Digg brand, website and technology. The price was just $500,000, three people familiar with the matter said—a pittance for a company that raised $45 million from prominent investors including LinkedIn founder Reid Hoffman and Marc Andreessen.

No Digg employees will join Betaworks.

Another reminder that prominent social networks can fall from grace quickly and hard.

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