MySpace Lays Off 47% of Employees

tgtanman writes "CNN reports that MySpace has announced that it has laid off 500 employees, 47% of its total staff. From the article: 'MySpace's management kept most of the site's developers but gutted nearly every other job role, according to a staffer who survived the cuts ... "Today's tough but necessary changes were taken in order to provide the company with a clear path for sustained growth and profitability," CEO Mike Jones said in a written statement. "These changes were purely driven by issues related to our legacy business, and in no way reflect the performance of the new product."'"

Comments

Re:How's that working out, Rupert?

[Anonymous Coward]

Good going Murdoch. I hope the rest of your investments do as well

According to Reuters he did did pretty well:

Initially, the deal paid for itself after Google Inc inked a three-year $900 million search advertising deal in 2006.

Re:How's that working out, Rupert?

[icebraining]

Since luck has no physical property or defined quantity, that phrase is largely meaningless.

No, it's not. Luck is probabilities. The phrase means that making it big depends on variables outside of the person's control, and that effort doesn't correlate well with success. Whether it's true or not, I can't say.