To cut at least 50% of its 1,100 employees.
According to a report from AllThingD’s NetworkEffect blog, the dwindling social networking website MySpace may soon give the pink slip to as many as 50% of its current staff.
No hard decisions have been made at this point, and the majority of employees have reportedly been given holiday this past week in order to save money, though MySpace later said that the offs were an employee perk and not a cost cutting measure.
MySpace currently empoloyees 1,100 people, most of whom are located in the US. News Corp is said to be planning for “drastic cost-cutting measures” as the site suffers poor traffic and revenue.