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MySpace Staff Cut Nearly in Half

The story of MySpace appears to be racing toward its inevitable conclusion. The site more or less exited the social network business in November to become what the AP has called an "entertainment site." Now comes news that 47-percent of the staff is getting a post-holiday reward in the form of a pink slip. A total of 500 employees worldwide are being laid off, an action that follows a 30-percent staff reduction in June 2009. Rumor has it that News Corp. is putting increased pressure on MySpace to turn a profit. The site was purchased for $580 million back in 2005, and has consistently lost money since then, including $156 million in the quarter ending in September 2010. We wouldn't be shocked if, by this time next year, MySpace was just a distant memory.

Tags: myspace, NewsCorp, SocialNetworking, top, Web