MySpace Fires 400 Employees

By Angela Pham

In an attempt to stay financially afloat and not become another social networking flash-in-the-pan (Remember ICQ? Friendster? No?), MySpace announced yesterday that it’s laying off 400 employees, which is roughly 30 percent of its entire staff. ¬†Owen Van Natta, a former Facebook employee who was only recently christened CEO of MySpace in April, released an official press release that made the reality clear: The times are a-changin’.

In the statement, MySpace’s growth was described as “too big” for today’s marketplace, and the term “bloated” was used specifically to describe MySpace’s organization. writes that Facebook has recently matched MySpace in U.S. traffic, a feat that not so long ago didn’t seem feasible. With Facebook’s recent introduction of user name URLs for personal profiles, MySpace is clearly facing an increasingly savvy competitor.

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