Digg Acquired For $500,000 By Betaworks

Straggling social media company Digg, once the web destination to beat, has been acquired by New York-based tech startup lab Betaworks for a reported price of $500,000, The Wall Street Journal reported late Thursday. That’s down from Digg’s previous reported asking price of $150 million back in 2006, underlining the website’s precipitous drop in users over the past six years. Founded in 2004 by entreprenuer Kevin Rose, Digg will now apparently be merged with another Betaworks project, an iPhone app called News.me, which Betaworks said would be taking over Digg’s operations following the acquisition.