Myspace to Slash its Workforce by up to 50%

Lately, things had been looking bleak for Myspace and it seems like that even the insiders are losing hope now. According to therumors, once-prominent social networking site is now planning to cut its workforce by up to 50 percent. The mass layoff is a part of the cost cutting drive undertaken to salvage the remains of the website. The move would also mean that up to 550 of Myspace employees will be handed pink slip in the near future.

Alternatively, it has been suggested that its parent company News Corp. might just put the website on block. Myspace had put majority of its employees on mandatory leave in December, which makes things look even worse. The social media site has also been handed out harsh criticism from its parent company. COO of News Corp. commented in November that the site's "current losses are not acceptable or sustainable." Myspace refused to issue any comment in this regard. It is yet to be seen how things pan out with Myspace, but with the ever-growing influence of its rival site Facebook, it is safe to assume that its road to recovery won't be easy.

Source: SlashGear