In what's either a sign that the tech bubble just popped or the spectacular failure of a once very popular social network, tech development firm BetaWorks has bought Digg for the bargain basement price of $500,000. No, that's not missing any zeros. The social media company once valued at $164 million and rumored to have been offered $200 million from Google, has fallen hard since that 2006 BusinessWeek cover story about Digg's crazy success. The site lost the love of its loyal users with its fourth redesign in the fall of 2010. With competition from sites like Twitter and Reddit the site has struggled to make a comeback, with founder Kevin Rose joining Google, leaving the site to flounder. To revitalize the site, which still draws 7 million unique visitors per month -- respectable, but way smaller than 30 million per month it saw in 2008 -- The Wall Street Journal's Jonah Walker and Spencer Ante say BetaWorks will fold the company into News.me., a social news reading app. Also a blow: None of the current employees will come along with the deal.
This article is from the archive of our partner The Wire.