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 quarter. The site gained widespread attention when it became the center of the 2020 meme stock craze as retail traders inflicted huge pain on hedge funds shorting stocks using a subreddit known as Wallstreetbets.