As Facebook negotiated a half-billion dollars of investment from Goldman Sachs recently, MySpace was once the dominant social networking site is preparing to sack almost half the workforce.
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Phil McCarten / Associated Press
Wendy and Rupert Murdoch were the supporters MySpace.com founders Tom Anderson and Chris DeWolfe, left to right. In the past, Mr. Murdoch met with the founders of the impromptu beer.
¶ The layoffs were nearly 500 people from a salary of around 1,100 on average on Tuesday. The reduction is even more draconian in the ailing firm, and may be a precursor to a sale of land, which News Corporation, which acquired MySpace in 2005 for USD 580 million after a bidding war with Viacom .
¶ At one level, the decline of MySpace shows the fragility of social media, where consumers changing tastes and fickle emotions that make services such as MySpace and Tribe, which can quickly disappear from the imagination of public. According to comScore reports 54.4 million MySpace users in late November, a loss of more than nine million the previous year.
