MySpace Founder shown the door

Chris DeWolfe, a founder and the chief executive of MySpace, the social is leaving the company in a management shake-up. Can there be anything worse then thrown out of your own company? The writing was on the wall with the appointment earlier this month of Jon Miller, the former AOL CEO as the chief digital officer of the News Corporation. DeWolfe’s exit was totally involuntary, there is in talks for a continued role at the company and he will remain on the board of MySpace China. The News Corporation bought MySpace in 2005 for $580 million. The loss of market share and the head to head competition with FaceBook was what did DeWolfe in. While Facebook has positioned itself to be the Internet’s Mecca of friendships and relationships, MySpace has been reduced to a media and entertainment destination. The traffic trends tell the whole story as MySpace drew about 54 million unique visitors in February, down from about 56 million in the same month last year. Facebook drew more than 65 million, up from 20 million in the same month last year.

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