Now Firing: Myspace Slashes Staff by 47 Percent

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Former social networking giant Myspace laid off 500 employees Tuesday, cutting the staff by 47 percent.

After years of falling behind younger social networking rival Facebook, the company is now trying to reposition itself as a hub for music and social entertainment.  Myspace’s 130 million active users now lag far behind Facebook’s 500 million.  For the full story, read Techland’s report.