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MySpace Lays Off 47% of Employees

Posted by timothy on from the well-of-their-own-employees dept.

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."'"

3 of 206 comments (clear)

  1. New product? by Shimmer · · Score: 3, Interesting

    What "new product"? MySpace is MySpace, isn't it? What else do they do? (Can't bear to RTFA and find out.)

    --
    The most rabid believers in American Exceptionalism are the exact same people whose policies are destroying it.
  2. Re:Two words: by cusco · · Score: 4, Interesting

    Actually Ah-Oh-heLL bought Time-Warner in one of those amusing quirks of speculators driving share price far beyond anything reasonable. AOL management, in their one and only lucid moment, realized that they had best take the money and buy some actual assets with it or their stock options were going to be utterly worthless after the impending crash (a crash that was obvious to everyone who didn't work on Wall Street).

    --
    "Think about how stupid the average person is. Now, realise that half of them are dumber than that." - George Carlin
  3. Re:How's that working out, Rupert? by IICV · · Score: 3, Interesting

    According to people like Murdoch, it is because they have worked harder than all of us and are much more savvy; but the truth is it is because good fortune (luck) has graced them in life. I'm not sure of how many potential *Murdochs* there are out there, but I am sure there are hundreds, just like all the talented people unveiled by shows like American Idol who to that point had not made it, only because they had not gotten lucky yet.

    Hundreds? If Rupert Murdoch is one in a million, there's seven thousand people who are just as capable of achievement as he was out there. It just turns out that most of those potential new Rupert Murdochs aren't going to get the opportunities he had - not everyone can be the son of Keith Murdoch, the owner of an already successful newspaper empire.