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Wednesday, June 17, 2009

MySpace Lays Off 400

After the dust settles at MySpace the social networking site will be 400 employees fewer, leaving about 1000 in an attempt by Owen Van Natta (former Facebook executive who recently became CEO of the company) to return to a “start-up culture.” In a statement Van Natta said “Simply put, our staffing levels were bloated and hindered our ability to be an efficient and nimble team-oriented company. I understand these changes are painful for many. They are also necessary for the long-term health and culture of MySpace. Our intent is to return to an environment of innovation that is centered on our user and our product.” The onetime leader in social networking sites, MySpace has taken a bit of a backseat to Facebook of late and it would appear is feeling the pinch.

Source: NYTimes