Major Layoffs Expected at Myspace

More bad news out of Myspace. The once hot social networking site is expected to lay off around 150 of its 400 employees on Wednesday—nearly 40 percent of its total staff—according to rumors confirmed by a TechCrunch source. The source also said that “another group of around 150 employees will be put on a transition plan, where they will still be laid off but can work with pay for a few weeks while they search for another job.”