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Digg Set for AI-Driven Comeback with Rose and Ohanian at the Helm

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Digg, the once-popular content aggregator that was a major player in the early days of social media, is making a comeback with a new AI-powered approach. Co-founder Kevin Rose has joined forces with Reddit co-founder Alexis Ohanian to acquire Digg, betting on artificial intelligence to revitalize the platform that once attracted around 40 million monthly visitors.

Launched in 2004 by Rose, Digg was considered the “homepage of the internet” and a major competitor to Reddit, which Ohanian co-founded. However, after its 2012 acquisition by Betaworks, Digg’s popularity declined, and its most valuable assets, including patents, were sold to LinkedIn. The platform then shifted its focus to curating news.

Rose and Ohanian, who bought Digg for an undisclosed sum, plan to use their social media expertise and restore the site’s nostalgic early interface. One of the key features of the original Digg was the ability for users to “digg” or “bury” content—an early precursor to the viral content curation techniques used by today’s social media platforms.

The duo’s vision for the new Digg includes utilizing AI-driven content curation to tackle challenges like misinformation and toxic discourse, ensuring that the platform remains a positive space for users. Rose explained that AI could serve as a helpful “co-pilot” to both users and moderators, enhancing human conversation rather than replacing it.

The revamped Digg will soon send out invites for early access, entering a crowded social media market where smaller platforms like Pinterest compete for ad revenue and user engagement against larger players like Meta. Rose’s long-time collaborator, Justin Mezzell, with a background in Google and Facebook, will take over as Digg’s CEO.

The acquisition is supported by venture capital firms True Ventures, where Rose is a partner, and Ohanian’s Seven Seven Six. Rose will also serve as Digg’s board chair and key advisor. In addition to his role in Digg, Ohanian has joined a bid led by former Los Angeles Dodgers owner Frank McCourt to acquire TikTok’s U.S. operations.

ByteDance Increases Valuation in Latest Share Buyback Amid TikTok Uncertainty

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TikTok parent company ByteDance is offering to buy back shares at an increased valuation, marking a positive shift in its financial outlook. The company has launched a new share repurchase program for its U.S. employees, with shares priced at $189.90 each, according to sources familiar with the matter. This represents an 11% increase from last year’s buyback price of $171 and an uptick from the $181 offer six months ago.

The revised valuation could place ByteDance’s total worth at approximately $315 billion, signaling recovery from its 2023 valuation decline. The share buyback highlights ByteDance’s robust financial standing, supported by its expanding domestic and international operations, despite looming regulatory challenges in the United States.

TikTok faces potential restrictions following U.S. Congress’ passage of a law requiring ByteDance to divest the platform by January 19 or risk a ban. The app, which has 170 million American users, briefly ceased operations in the U.S. before resuming after President-elect Donald Trump granted a 75-day delay to explore alternative solutions. Vice President JD Vance has been tasked with overseeing discussions between ByteDance and U.S. officials to find a path forward.

The ongoing uncertainty has prompted various high-profile figures to express interest in acquiring TikTok’s U.S. operations. Former Los Angeles Dodgers owner Frank McCourt is leading a bid backed by Reddit co-founder Alexis Ohanian. Another group, spearheaded by tech entrepreneur Jesse Tinsley, includes YouTube personality MrBeast (Jimmy Donaldson) and Wyoming businessman Reid Rasner.

ByteDance has not yet provided an official response regarding the buyback program or the ongoing negotiations over TikTok’s future in the U.S.