Beware investors in high flying VC social media deals. You can lose your shirt. At least with public companies you can get out!
Betaworks Is Buying Digg For $500,000
Jay Yarow | Jul. 12, 2012, 4:28 PM | 12,982 | 10
Betaworks is buying social news site Digg for $500,000, the Wall Street Journal reports.
Betaworks is acquiring the Digg brand, website, and technology, but not its employees. Digg will be folded into News.me, Betaworks’ social news aggregator.
This is not the outcome people expected for Digg. In 2008, Google was reportedly set to buy it for $200 million.
It raised $45 million in funding from A-list investors like Marc Andreessen, Reid Hoffman, Greylock Partners, and others, according to CrunchBase.