Digg Is Laying Off 25 People
Social bookmarking company Digg.com is laying off 25 people. They have about 67 employees and now they will be down to 42. One of the key executives that Digg.com is losing includes chief revenue office Chas Edwards. Digg plans to refocus on the Digg.com product going forward. The company earned $15 million and is not profitable this year. Digg.com hopes to reach profitability by mid-2011.
Ever since launching a new version, Digg.com has lost a substantial amount of traffic. A lot of the Digg community migrated to Reddit.com as a response to the new version. Digg even requires a lot of bandwidth to keep the website online as pointed out by the Stack Overflow co-founder. Digg used to be the go-to website for interesting stories, but that may not be the case anymore.