Credit MySpace for once dominating the social networking scene and, more recently, trying to reinvent itself as an all-around entertainment epicenter. But let’s be real, MySpace blew its opportunity to become what Facebook already is, and there doesn’t appear to be room for both to coexist.
According to AllThingsD.com, things are about to get worse. Layoffs loom for perhaps as much as 50 percent of MySpace’s workforce, AllThingsD.com says, which works out to around 550 pink slips.
Citing “multiple sources familiar with the situation,” AllThingsD.com says nothing is a done deal, but all employees have been put on notice to start saving their pennies. The suits in charge are also batting around the idea of selling MySpace, though there’s no word of any potential buyers.