MySpace Slashes 500 Jobs in US

Amidst the global financial crisis and the continued success of Facebook (its biggest competition), the former leading social networking site in the world - MySpace - sheds off 30% of its US workforce. It remains to be seen if job cuts will also be implemented in MySpace's offices in other countries.

"Simply put, our staffing levels were bloated and hindered our ability to be an efficient and nimble team-oriented company. I understand that these changes are painful for many. They are also necessary for the long-term health and culture of MySpace. Our intent is to return to an environment of innovation that is centered on our user and our product,"

shared Owen Van Natta, current MySpace CEO and former Facebook COO.

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