Digg sold to Betaworks for paltry $500,000: Report

New York tech incubator Betaworks bought the once-powerful aggregation news site Digg on Thursday for a measly $500,000 -- loose change compared to the $45 million the site raised from investors, according to published reports.

Betawork will acquire the remaining brand assets, website and technology, and Digg eventually will become a part of News.me, a similar site with more social media integration, The Wall Street Journal reported.

Digg was launched in 2004 by then 27-year-old Kevin Rose.