News Corporation, which is the parent company of the Wall Street Journal, recently announced their plans to create a new social networking website aimed at professionals, similar to the highly popular LinkedIn. In January of this year Rupert Murdoch who serves as the CEO of News Corp. admitted that the company’s 2005 purchase of MySpace
Looks like things are definitely not going well for what was formerly the world's most popular online social networking service. According to information that has been leaked out from inside sources, the company is currently planning to axe over a third of its workforce over the coming days, and that speculations of an imminent shutdown
MySpace, the former Internet social networking leader, has recently announced massive layoffs in the company. It would cut nearly 500 employees or about 47 percent of its staff. More details inside.