With more and more members flocking to Facebook, MySpace is taking drastic action to cut costs and possibly prepare itself for a sale. The struggling social network slashed its workforce nearly in half, handing out pink slips to 500 of its 1,100 employees, USA Today reports.
“Today’s tough but necessary changes were taken in order to provide the company with a clear path for sustained growth and profitability,” MySpace CEO Mike Jones said in a 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 has been trying desperately to reinvent itself and attract a younger audience. In October, MySpace launched an overhauled version of its site geared towards music, movies, and entertainment, and while the site still sees some 60 million visitors a month, it’s still way behind Facebook, which sees 150 million visits on a monthly basis.
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