MySpace Unfriends 500 Staff

Wednesday Jan 12th 2011 by Staff

The no-longer-cool social network will reduce its workforce by half.

The Register: In yet another sign that the former social networking heavyweight has lost to Facebook, MySpace has announced that it will lay off 500 employees. That effectively cuts the site's staff in half.

MySpace was quick to point out that the layoffs have nothing to do with the site's recent move to market itself as an entertainment portal. "These changes were purely driven by issues related to our legacy business, and in no way reflect the performance of the new product," said CEO Mike Jones.

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