Digg Sold for $500,000

Digg, the social network that was once the high flier of the social media world, has now been sold for (only) $500,000.

According to the WSJ, it was once valued at over $160 million… Oh how the mighty have fallen.

The real questions are: 1.  Why did people believe that Digg was so valuable?  and 2) What happened?

The prevailing theory is that Facebook and other sites took over the social news space, and that Digg just could not keep up.

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