Alexis Ohanian
David A. Grogan | CNBC
Content aggregator Digg makes a comeback with the help of unlikely partners: reddit Co-founder and competitor Alexis Ohanian.
Ohanian and Digg founder Kevin Rose received undisclosed payments from the platform. The deal was backed by venture capital firm True Ventures, a partner, Ohanian’s seven sixes. The partnership was announced on Wednesday Video posts Ross called the partnership an account X of the “team he never imagined 20 years ago.”
Digg was founded in 2004 and became a major channel for trend news as it allows users to rate stories. Rose became a notorious appearance on the cover of Buseweek in 2006, as the child “makes $60 million in 18 months.”
company Said in the press release Its purpose is to differentiate the social media market by “focusing on AI innovations designed to enhance user experience and build people-centered alternatives.” Digg said it will also create a platform that “prioritizes transparency, rewards human efforts and facilitates rich discussions.”
Ohanian also made fun of the cooperation, Tell X followers On Wednesday, he was “working on something new… but old… but also new” and was “excited” to work with Rose.
Digg reportedly peaked in 2008, worth about $160 million. However, the rise of Facebook and other social networking sites has caused Digg’s traffic to plummet. Meanwhile, Reddit came a year after Ohanian and current CEO Steve Huffman DIG GIG, who became a direct competitor to DIGG, which has formed a community in content genre and allowed users to rate news reports similarly.
In 2012, Digg’s brand and website were acquired by Tech incubator Betaworks for approximately $500,000.
Reddit At the end of the fourth quarter. When it became the center of the 2020 Meme stock boom, the site attracted widespread attention as retailers use sub-Redit, called Wallstreetbets, caused huge hedge funds to short stocks.
Reddit was last published on the New York Stock Exchange $34 per share And have seen its stock almost quintet. Stocks have grown by about 1% so far and increased by 4% at Wednesday’s meeting.
Ohanian has been working on other projects since he Resigned from Reddit’s board of directors in 2020. He is currently working with billionaire Frank McCourt Extended initial deadline In order to get the company’s Chinese parents to send a social media platform to sell or face a ban.
– CNBC’s ARI levy contributes to this report.
watch: Reddit co-founder Alexis Ohanian has long been in the women’s sports
