Fast Companyreports that MySpace is cutting 30% of its workforce, about 400 jobs.
The MySpace layoffs were rumored for weeks beforehand; the top management was reshuffled in April when News Corp., MySpace's parent company, replaced founder and CEO Chris DeWolfe with former Facebook exec Owen Van Natta, and the Web was rife with murmurs of an imminent retooling of the rest of the office.
Just one year ago MySpace was dominating Facebook in the U.S., pulling in 73.7 million users per month in May 2008 to Facebook's 36 million. While Facebook had surpassed MySpace in global unique visitors the previous month, MySpace's vast advantage in the U.S. still gave the site clout with advertisers.
MySpace has fallen behind Facebook in the social network race. They still have plenty of visitors to interest advertisers so it is probably the weak economy - not losing to Facebook - that has forced the company to cut jobs and reduce costs.
Fast Company 
