Diggs acquired by Betaworks for $500k

BANGALORE, INDIA: The social news site Digg.com has sold itself to Betaworks, the company behind bit.ly. According to rumours, the price was $500k.

Betaworks said in a blog post that it had acquired the core assets of San Francisco-based Digg and planned to merge them with its News.me service for sharing articles on iPads, iPhones and by email newsletters.

Betaworks’ founder John Borthwick will be the new CEO of Digg, which was once the mighty website.

Once the successful company, Digg lost its charm over the last few years after its 4.0 update wasn't accepted by its users. Industry figures indicate about seven million people visit Digg each month.