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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."'"
MySpace still had 500 employees?
Funny may not give karma, but +5 Informative never made anyone snort coffee out their nose.
MySpace has developers? What do they do?!
There's no -1 for "I don't get it."
They're still around?! I thought I recognised "Tom" squeegying my windows at a red light the other day...
one can only hope the next iteration empowers the individual and gives them ownership and true control of their information.
...I bet most of those ex-employees will be complaining about it on Facebook this evening.
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
Yeah, he's a *real* business genius isn't he? This is what cracks me up about really rich people and their view of those who have not done as well in life. 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.
Nobody makes it big without a substantial helping of good luck. Not lotto winners, World Series of Poker winners, nor people like Murdoch and Trump.
Did you ever wake up in the morning, with a Zombie Woof behind your eyes? -- FZ
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.
It is a little know fact that MySpace got its name from a typing error.
It was supposed to be called Mice Pace - based on their innovative approach of running millions of mice over millions of keyboards in order to create a sample of "perfect code".
It was a variation of the idea with monkeys and typewriters - mice were cheaper to get and easier to scale up.
The result is the site we all know as MySpace. They could never get the Complete Works of Shakespeare out of the mice either.
But they did get half a Justin Bieber song once. Thousands of mice had to be put to death after that.
Mit der Dummheit kämpfen Götter selbst vergebens
Translation: They're up for sale, and devs are part of the more valuable "human capital". I wonder who would be buying?
That doesn't make sense. If you're trying to sell, you don't fire the employees first yourself -- what would be the point? Once you're out, you don't care how many employees the company has. Instead, you invite possible buyers to the office and make sure every single body is at a desk, working away like a busy little beaver on countless amazing things, making the company look like an incredible value and pushing the bidding price up. Then the investor walks away thinking, "Wow, they sure do great stuff there -- but they seem to have too many employees. If we buy the company, we can fire half of them and we'll end up with a real bargain!"
Breakfast served all day!
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.
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That doesn't make sense. If you're trying to sell, you don't fire the employees first yourself -- what would be the point?
Because it fudges the profit numbers. Firing people doesn't hurt the revenue stream until a few quarters or even years down the road. But it significantly reduces costs which can provide a temporary bump in profitability. Buyout candidates have been doing this for longer than I've been alive and for some reason it still seems to fool potential buyers.
When information is power, privacy is freedom.