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Digg sold for just $500,000

theguardian

Digg, the "social news" site which was once the poster child for Web 2.0 and valued at up to $175m, has been sold to San Francisco incubator Betaworks for just $500,000 (£324,000) in cash plus equity.The sale of the seven-year-old site marks a colossal loss for its former venture capital backers, who put in a total of $45m during its life as an independent.

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