Myspace Confirms Rumored Layoffs

Beverly Hills-based Myspace confirmed today that it will lay off about 30% of its U.S. workforce, which is approximately 425 employees. It isn’t a great shock that MySpace is undergoing some restructuring, given the challenges they are facing- last year Facebook surpassed the social media giant in global popularity, and advertising revenues are in decline across the board. What is surprising is that CEO Owen Van Natta has implied that that the employees losing their jobs are somehow responsible for the company’s difficulties.