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Betaworks picks up Digg for peanuts

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Another bright star has fallen

Social news site Digg.com signed over the company to Betaworks, for $500,000.

Digg was once the belle of the social notworking world and tipped to be as popular as Facebook. Lately it has had a lot of problems and even its founder Kevin Rose has jumped ship to join Google.

Betaworks will have its own founder John Borthwick becoming the new CEO of Digg while current CEO Matt Williams is downgraded to Entrepreneur in Residence. Digg has tried many things in the past few months and the only way it can continue is if it is under another company. Matt Williams said that he has been scratching his head for ideas and many of them could not live up to the reason Digg was invented in the first place.

Digg was supposed to be a way to discover the best stuff on the web. Betaworks said that it will “build Digg for 2012.” Digg’s current employees seem to be left with News.me’s current team will be taking over the digital management of Digg.com while a new “cloud-based version of Digg” will work with News.me iPhone and iPad apps.


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