Rupert Murdoch warns Facebook doomed to Myspace fate

Media giant Rupert Murdoch has warned that Facebook's reign may go the way of MySpace as people spend less time on the social network.

Media giant Rupert Murdoch has warned that Facebook's reign may go the way of MySpace as people spend less time on the social network.

 
Murdoch, who runs the News Corporation conglomerate, tweeted: “Look out Facebook! Hours spent participating per member dropping seriously. First really bad sign as seen by crappy MySpace years ago.”
 
While Murdoch might not be an expert on social media, he is intimately aware of what happens when it fails. He bought MySpace in 2005 for a whopping $580 million, selling it in 2011 for a measly $35 million as the social network's popularity essentially collapsed.
 
rupertmurdoch Rupert Murdoch warns Facebook doomed to Myspace fate
The harbinger of doom for Facebook?
 
Facebook is in a significantly better position, but there are signs that it is not performing as well as expected. When it went public last year shares were sold for $38, dropping sharply after this. A year later and share prices are just over $26, showing that estimation's of the company's worth were perhaps overly generous at first.
 
Of course, Murdoch might simply be expressing a bitter desire to see Facebook fail, given that it was largely the growing popularity of Facebook that sealed MySpace's doom. With other rivals in the market, like Google+, the social giant certainly cannot afford to rest on its laurels.
 
Despite Murdoch's comments, shares are up $0.20 or 0.75 percent to $26.13 at the time of writing.