Myspace is slashing its workforce and may layoff as many as 500 employees as part of organizational restructuring.
MySpace CEO Mike Jones
said the changes, which account for 47 percent of its workforce,
according to CNBC, were necessary to help make the business profitable.
“Today’s tough but necessary
changes were taken in order to provide the company with a clear path for
sustained growth and profitability. These changes were purely driven by
issues related to our legacy business, and in no way reflect the
performance of the new product,” he said in the statement published in
the AFP.
