In what may come as a surprise to some and seem like an inevitability for others, MySpace have today cut back 505 of staff across the board, closing their Australian offices.
Having first risen to the top of the social networking heap, with the appearance of sites such as Facebook and Twitter, the giant has been brought to it’s knees, after the News Corporation owned company posted a giant loss of $165 millio in just one quarter of 2010 a report from Undercover states.
Current CEO Mike Jones has described the move as a “significant organizational restructure” to protect Myspace’s “sustained growth and profitability.”
