TechLahore

Home page is still ok. 41% of the workforce? Not so much.

MySpace has had its share of troubles recently. Unlike Facebook, they don’t seem to believe that it’s OK to raise hundreds of millions of dollars and never make a cent. But what do I know? Clearly, Smart Investors seem to love Facebook’s business model and their $10 Billion valuation. Previously, Even Smarter Investors couldn’t get enough of the $15 Billion valuation and just had to put in a$240 Million to prove their Smartness. I can just hear the lead investor… “We’re actually 350% positive on this one as compared to an equally sized investment in the Moscow Bourse!”

Anyway, MySpace under News Corp is being downright old world. Believing they need to get their costs in line with their revenue and actually buckle down in the recession. Pshaaaw! How non-dot-com can you possibly be? In pursuit of this dated (like steam-punk dated!), albeit common sense strategy, MySpace is cutting back on the fluff… and about 75% of their international staff. This comes on the heels of their earlier announcement about a 30% reduction in their US headcount.

All in all, MySpace would have whacked about 41% of the company by the time these announced layoffs are completed. Casualties include the India office, we hear. China and Japan have been deemed ‘hotter economies’ and they remain in-tact.

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