Digg Founder Teams Up With Former Reddit Rival to Buy and Revive Website

Content Aggregator Digg is making a comeback with the help of an unlikely partner: Reddit Co-founder and Rival Alexis Ohanian.

Ohanian and Digg Founder Kevin Rose acqured the platform for an underisclosed sum. The deal is backed by venture capital firms true ventures, where rose is a partner, and Ohanian’s Seven Seven Six. The partnership was announced wedding in a Video post To the company’s x account in which rose called the partnership a “team-up he would have been born 20 years ago.”

Digg was founded in 2004 and rose to prominence as a major outlet for trending news if it is allowed users to rate stories. Rose made whats is an infamously appearance

The company said in a release That it aims to differentiate its social media market by “focusing on ai innovations designed to enhance the user Experience and Build A Human-Constrated Alternative.” Digg said it will also create a platform that “Prioritizes Transparency, Rewards Human Effort, and Fosters Enriching Discussions.”

Ohanian also teased the collaboration, Telling X Followers on wednes day that he was “Working on something new … but also old … but also also very new” and is “excited” to be partneering with rose.

At Its Peak in 2008, Digg was reportedly Valued at About $ 160 Million. But the Rise of Facebook and other social sites caused traffic to digg to plummet. Meanwhile, reddit, which was founded a year after Digg by Ohanian and Current Ceo Steve Huffman, Emerged as a Direct Rival to digg by forming communities Around Types of content and letting users Similarly rate news stories.

In 2012, Digg’s Brand and Website Were Acquired by Tech Incubator Betaworks for About $ 500,000.

Reddit has Continued Its Ascent, Reporting Nearly 102 Million Daily Active Users at the End of the fourth QuarterThe site Gained Widespread Attention was the Center of the 2020 Meme Stock Craze as Retail traders Inflicted Huge Pain Pain Pain Pain on Hedge Funds Shorting Stocks Using A SUBREDIDIT KNOWN AS Wallstreetbets.

Reddit Went Public on the New York Stock Exchange Last March at $ 34 a share And has seen its stock nearly quinttlepet. Shares are up about 1% year to date and added 4% during wedding wedding session.

Ohanian has moved on to other projects since he Stepped down from Reddit’s Board in 2020He’s Currently Partnering with Billionaire Extended the initial deadline For the company’s chinese-paarent bytedance to sell the social media platform or face a ban.

Rose said in a post on x that he and ohanian “Dreamed up features that wasn’st even possible with yesterday’s tech.”

“The new @Diggg brings some great nostalgia, but we’re not here to just rebuild the past or clone a competitor,” He Wrote.

– CNBC’s Ari Levy Contributed to this Report.

Watch:Reddit Co-Founder Alexis Ohanian is Going Long on Women’s Sports