Sources confirmed on Thursday that social media pioneer Digg has sold the remainder of its assets for a sobering $500,000. Tech development firm Betaworks is the buyer, and they have high hopes of reviving the defunct site. This completes a total buyout of the social platform, which has been portioned off to LinkedIn, the Washington Post, and Betaworks for $ 16million total
The sale has caused many in the industry to rethink social media’s untouchable status. Digg was once valued at $160 million, and selling for one-tenth that amount shocked many.
However, it is reported that Digg chose to sell to these other brands because they feel that it was the best choice in terms of brand revival. If they succeed, other less popular or defunct platforms could follow suit.