News Corp’s big clearance: MySpace must go

Once upon a time MySpace was the most popular social media platform in America. In 2005, Rupert Murdoch bought MySpace’s parent company for $580 million.

However, since then MySpace has taken a nose dive. Critics say it alienated users with a cluttered page, too many ads and bad security.

Newcomer Facebook soon caught up… users liked its cleaner interface and better functionality.

Soon nobody was using MySpace except for wannabe musicians. Murdoch became dismayed to find his pricey purchase was burning cash.

According to sources close to the deal, MySpace is now going for around $30 million as Murdoch tries to get the money losing company off the books.

Do you still have a MySpace page?

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  • http://profiles.google.com/rrwillsj richard wills

       I always wonder why no one points out that these self-proclaimed “geniuses of capitalism”
    are never risking their own money but that of the suckers who they conned into giving up
    control of liquidity to corporate bureaucrats.

        Calling yourself a “martian” doesn’t make you one.  All these self-proclaimed entrepreneurs
    are predators and nothing more.  They contribute nothing of value, they only take as parasites
    on society.  Their corruption and incompetency destroy value of every business they touch.

    • Martin

      Depends how high up the corporate latter you are.  There was a trader in Singapore who once lost a lot of money for people investing in risky stocks and he was actually charged.  Most banks stick to the so called blue chip stocks to avoid crashes.

      • Martin

        *ladder

      • http://profiles.google.com/rrwillsj richard wills

        Yeah, he was the top exec’s sacrificial goat.

        In exchange for not finking on his bosses,
        they will quietly pay him off after he’s released
        from jail.

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