MySpace fires 500 employees, 47% of workforce

Things only seem to be getting worse for MySpace. Amid reports that the troubled social network is for sale by parent company News Corp., MySpace has just announced massive layoffs at the company. According to PaidContent, MySpace has cut 47 percent of its staff or nearly 500 employees.

Apparently, CEO Mike Jones said the cuts were necessary to “provide the company with a clear path for sustained growth and profitability.” On a side note, that could be the most-used sentence in press releases announcing massive layoffs.