Buried: Digg Sells For $500,000 [REPORT]

How the mighty have fallen. The social sharing site Digg has sold for just $500,000 to New York startup incubator Betaworks.

The small selling price just goes to show how quickly fortunes can turn for even the hottest web startups. According to The Wall Street Journal, Digg took more than $45 million from investors since launching in 2004.

On its blog, Betaworks says it is going to fold Digg into the News.me team.

The company also vows that it is going to "turn Digg back into a startup. Low budget, small team, fast cycles."

Since the release of Digg v4, dubbed "the new Digg" in the summer of 2010, the once-hot company has met with a series of challenges. Poor reception…
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