Former social network turned entertainment site, MySpace, released nearly half of its worldwide staff -- some 500 jobs. Spokespersons said the cuts were due to a last-quarter 2010 redesign which allows the site to be run by fewer employees. However, MySpace is still losing money.
Spokespersons have already said MySpace is not competing with Facebook and no longer considers itself a social network. It is trying to become more 'nimble and entrepreneurial,' though what exactly that means is anyone's guess.
© C Harris Lynn, 2011
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