MySpace Lays Off Nearly Half its Employees Site gets smaller now that it's not trying to compete with Facebook By Kevin Spak, Newser Staff Posted Jan 11, 2011 2:10 PM CST 2 comments Comments News Corp. Chairman Rupert Murdoch, who owns the social networking Web site MySpace, speaks at the company's Global Energy Initiative in this May 9, 2007, file photo. (AP Photo/Mark Lennihan, file) (Newser) – MySpace cut roughly 500 jobs today, slashing its global staff roughly in half. CEO Mike Jones called the expected cuts “tough but necessary,” following an October revamp that made much of its staff unnecessary. The site has downsized its ambitions, attempting to transform itself into a music, videos, and gossip site rather than an all-purpose social Facebook competitor, the AP explains. MySpace last cut jobs in June 2009, laying off 420, or 30% of its workforce at the time.