As per the latest information, the “social news” site Digg has been sold to San Francisco Betaworks. If reports are to be believed, Betaworks has acquired Digg for just $500,000 (£324,000) in cash plus equity.

A recent bog posted on the blog spot by Betaworks has informed that the company hads 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.

To rewind: Digg was founded seven years ago by Kevin Rose, who took a position with search giant Google earlier this year.

It is noteworthy that Digg is a global sensation and an online venue for submitting news stories.  Till date,a total of over 28 million stories have been submitted to Digg since its launch. 

Latest stats revealed the information; Digg has more than 16 million monthly unique visitors. 

Insiders informed, none of Digg’s remaining employees will join Betaworks as part of the latest acquisition. Digg’s Chief Executive Matt Williams is likely to join venture capital firm Andreessen Horowitz as an Entrepreneur-in-Residence.  

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