If we told you that a former CEO of Myspace was now involved in the mail-order underwear business, would it surprise you? According to a Portfolio.com profile of the two west coast entrepreneurs responsible for MeUndies.com, which officially busts out of beta today, Mike Jones‘ Science Inc. provided seed funding for the company at the end of last year.

The main competition for MeUndies.com is Manpacks.com. However, both the lower monthly delivery price point and higher-quality source material may give this LA-Turkey based operation a waistband edge:

The underwear is made from Modal, a soft, smooth fabric made of reconstituted cellulose from the beech tree, which, unlike cotton, is designed not to shrink. “It’s a great-feeling fabric,” says [co-founder] Jonathan Shokrian. “We searched for the best factories and the best fabric.”

Read more

FishbowlLA thinks it takes some balls for the head of a company Rupert Murdoch had to unload for a net purchase price loss of $545 million to chime in with thoughts on how another suddenly embattled media firm might proceed. But that’s just what former Myspace president and current-outgoing CEO Mike Jones has done today at TheWrap under the headline “How to Fix Yahoo: The Innovator’s Dilemma.”

Towards the end of the matrix illustrated two-pager, Jones shares a most unfortunate Myspace tidbit. He writes that at the sputtering social network, he and his colleagues often debated whether to “upgrade the ship or move the passengers into new ships.” Insert Titanic joke(s) here.

It gets better. Jones actually has the gall to commiserate with Yahoo’s current predicament, suggesting that “we failed to capture the attention of the world–as did Yahoo’s $100M rebrand campaign.”

Read more

MySpace announced today the layoffs of 47% of the company’s staff, about 500 employees. The cuts come just 3 months after the News Corp-owned social network revamped the site. In a release, CEO Mike Jones made sure to emphasize that the alterations to MySpace were not the cause of the layoffs:

These changes were purely driven by issues related to our legacy business, and in no way reflect the performance of the new product. The new organizational structure will enable us to move more nimbly, develop products more quickly, and attain more flexibility on the financial side … While it’s still early days, the new Myspace is trending positively and the good news is we have already seen an uptick in returning and new users.

MySpace is based out of Beverly Hills, CA. It has not been announced how many local employees will be affected by the layoffs.