We feel somewhat responsible for this, having abandoned MySpace for Facebook sometime last year. Still, they sold out to Rupert Murdoch. They relocated to Beverly Hills. They put HTML in the hands of hormonal 13-year-olds hopped up on Twilight trailers, for the love of god-

TechCrunch on the social network's troubles:

MySpace is about to have a major wave of layoffs, according to multiple sources close to the company. One source describes the number of people affected as "massive", while another source says that the layoffs will likely affect between 300 and 500 employees. It's unclear if these numbers apply to MySpace alone or its parent company Fox Interactive Media, but MySpace makes up around 1600 of the 2900 employees in FIM, so it's likely that the social network will be hit hard.

Facebook would never, ever let this happen:

Myspace Glitter Graphics