"Originally a Web 2.0-era news aggregation site, Digg was once valued at $175 million in 2008, but was ultimately outpaced by Reddit. That earlier version was split up in 2012, with its largest stake sold to the incubator Betaworks, while LinkedIn and The Washington Post picked up other pieces. This iteration of Digg drew additional investment in 2016, but was later sold to a digital advertising company in 2018."
"However, the rise of AI has presented an opportunity to rebuild Digg, Rose and Ohanian believe, leading them to acquire Digg last March through a leveraged buyout by True Ventures, Ohanian's firm Seven Seven Six, Rose and Ohanian themselves, and the venture firm S32. The company has not disclosed its funding. They're betting that AI can help to address some of the messiness and toxicity of today's social media landscape."
Digg has relaunched under founder Kevin Rose and Reddit co-founder Alexis Ohanian and is launching an open beta with website and mobile apps that let users browse feeds, join communities, post, comment and upvote. The platform mirrors Reddit-style community features while seeking to leverage AI to improve moderation and reduce toxicity. Digg was once a major Web 2.0 aggregator valued at $175 million in 2008, later split and sold in pieces before changing hands multiple times. Rose and Ohanian reacquired Digg through a leveraged buyout involving True Ventures, Seven Seven Six and S32. Funding details remain undisclosed. The relaunch will require tools to prevent AI bot takeover without onerous KYC.
Read at TechCrunch
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