Once Valued at $164 Million, Sells for $500K

| by Michael Allen, a social media site once valued at $164 million, is selling for the deeply discounted price of about $500,000, according to the Wall Street Journal. was bought by a New York technology development firm called Betaworks, which is attempting to revive a news-sharing site.

In 2008, raised nearly $29 million in venture capital from Facebook, Greylock Partners, Highland Capital Partners and other investors. At the time, the popular social media site was valued at $164 million, according to Dow Jones VentureSource. said that it received higher offers from others, but ultimately decided Betaworks had the best plan for reviving its brand.

According to comScore, still gets more than 7 million visitors per month. The website was founded by Kevin Rose in 2004 as a way for people to post news stories rather than relying on the choices made by news editors.