Digging up Kevin Rose's net worth
How much money has Digg cofounder Kevin Rose made? If you believe BusinessWeek's cover, he's made $60 million. But Techdirt ain't buying it. And BusinessWeek rapidly cops to the cover line being pure fiction: "So far, Digg is breaking even on an estimated $3 million annually in revenues."
In other words, Rose has made actually zip, zero, nada. To Techdirt's frustration, BW doesn't offer many more clues in the piece as to how it arrived at the $60 million figure, citing "people in the know." Techdirt guesses that BW must be referring to the notional value of Rose's shares in the business, which BW's sources estimate is valued at $200 million. But of course, those shares aren't worth anything until Rose sells -- and he's said time and again that he doesn't want to sell Digg.
This is incredibly irresponsible journalism on the part of BusinessWeek, in fact I can't even call it journalism because it's the most blatant lie I've ever seen in a business magazine in my entire life.
He owns 30% of Digg. Digg's estimated "pulled out of my a**" worth is $200 million. He has MADE $60 million? Just incredible, I'm disgusted.
Using that logic, Bill Gates isn't worth anything until he sells his stock, too.
Bottom line though, Rose is sitting on a goldmine. Chances are good he will profit handsomely in some way. This doesn't diminish the fact that digg.com is still a cool way to read up to the minute stories that other people agree are cool.
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