Taking a break form the normal spin-cycle of security news, assets from the once popular Digg.com have been sold for $500,000, or 0.0005 Instagrams (Instagram was purchased by Facebook for a cool $1 billion earlier this year).
At one point, Digg was valued at $175,000,000, but the shift to sites like Reddit (Digg’s longtime Web rival) and Twitter as an instant news source eventually caused the site’s decline.
“We are turning Digg back into a startup,” a blog post explained. “Low budget, small team, fast cycles. How? We have spent the last 18 months building News.me as a mobile-first social news experience. The News.me team will take Digg back to its essence: the best place to find, read and share the stories the internet is talking about. Right now.”
All Things D has more on the deal, including the fact that 0.0005 Instagrams might be a bit low, as the deal wasn’t just cash only. In addition, TechCrunch says that the deal was likely worth some $16 million – and that LinkedIn, Betaworks, and the Washington Post all took a piece of the action.
This article’s headline was swiped from Twitter, and written by Jeff Jarmoc (@jjarmoc) who kindly allowed us to steal it. Thanks, Jeff!