Digg - how the mighty can fall - and so quickly

By : Growing Business
Published 13th July 2012 |
Read latest comment - 30th August 2012

Digg Inc., a social-media pioneer once valued at more than $160 million, is selling for the deeply discounted price of about $500,000, three people familiar with the matter said.

The buyer is New York technology development firm Betaworks, which is attempting to revive a news-sharing site that was outmaneuvered by Facebook Inc. and Twitter Inc.
Once a Social Media Star, Digg Sells for $500,000 to Betaworks - WSJ.com

The internet can make millions in months - and lose millions just as fast.
Comments
Blimey!!!

I didn't realise Digg had fallen so sharply from grace!

"Digg confirmed Thursday it sold its brand, website and technology to Betaworks. The price is a pittance for a company that raised $45 million from prominent investors..."

Ouch, that's one investment that went pearshaped

Steve Richardson
Gaffer of My Local Services
My Local Services | Me on LinkedIn

Wow, amazing fall. I wander how much regret the owners have for not selling at peak.

50cents

Facebook shares almost 50% down on opening price | techbubblestechbubbles
Facebook shares almost 50% down on opening price

Amazing how many people there are around with more money than sense.

Amazing how many people there are around with more money than sense.

I think you would have to be nuts to invest heavily in social platforms, or literally have more money than sense. Look at the history - they blow up to massive sizes, millions of users, their share prices rise, people buy in, then the next development comes along and your investment has gone.

Myspace, Digg, Delicious and there are many more that have lost massive amounts off their value. Why should Facebook be any different. Loads of once avid users I know are no longer that interested in it, and if they ever move to a paid service like was mentioned a while back then I can see loads of users dropping off.

Paul Myers

I think you would have to be nuts to invest heavily in social platforms, or literally have more money than sense. Look at the history - they blow up to massive sizes, millions of users, their share prices rise, people buy in, then the next development comes along and your investment has gone.

Myspace, Digg, Delicious and there are many more that have lost massive amounts off their value. Why should Facebook be any different. Loads of once avid users I know are no longer that interested in it, and if they ever move to a paid service like was mentioned a while back then I can see loads of users dropping off.

The simple truth is that most of these platforms lose a bucket-load of money - and should the investors pull the plug, then ............... bye bye.

This Thread is now closed for comments