MySpace Slashes Head Count by 30 Percent

Amid economic woes, stagnant growth, and a management shakeup, onetime social-networking pioneer MySpace has announced that it has cut its head count by slightly under 30 percent in what the company calls a return to start-up culture. Well, that's a nice way to put it. Reports had circulated that MySpace would be laying off nearly half its employees in a move that had delayed its relocation to a bigger office space in the Los Angeles area. With the layoffs, MySpace's full-time US employee roster will be down to 1,000 people — which means somewhere just south of 500 jobs were cut. MySpace said that the layoffs are evenly distributed across all US divisions of the company. Since MySpace also operates a number of offices overseas, it's not yet clear how they were affected (if at all), and representatives declined comment as to whether international offices would be affected down the road