VR-Zone

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 of the once-popular online social networking service now runs rampant among many.

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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.

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