News / Business
MySpace to Lay Off 30 Percent of Employees
MySpace announced Tuesday that the company will be laying off 30% of its employees in a move to increase efficiency.
The social networking site, which is owned by Rupert Murdoch’s News Corp., will cut 420 employees, bringing the total number of MySpace's
The decision was made just two months after MySpace hired new CEO Owen Van Natta, a former executive from rival social networking site Facebook.
MySpace said that the move will cause a restructuring across all of its
"Simply put, our staffing levels were bloated and hindered by our ability to be an efficient and nimble team-oriented company," Van Natta said in the statement. In comparison, Facebook had about 850 employees worldwide, according to reports in May.
News Corp's new digital media chief Jonathan Miller said that MySpace "grew too big considering the realities of today's marketplace."
MySpace.com has received more competition from Facebook.com and Twitter.com over the past couple of months. As of lately, both sites are revered to have more of a stake in the social networking world than MySpace.
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