MySpace Chops 47 Percent
socalTECH
JANUARY 11, 2011
Amid rumors for weeks that Los Angeles-based MySpace has been planning massive layoffs, the firm said today that it is cutting 47 percent of its staff globally, or roughly 400 employees. MySpace has been undergoing major structural changes over the past few years, as the firm's core social networking business shifted to competitor Facebook.
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