he axe has finally swung at MySpace.
This morning the AOL of social networks announced plans to sack 30 percent of its workforce -- around 1000 employees "Simply put, our staffing levels were bloated and hindered our ability to be an efficient and nimble team-oriented company," CEO Owen Van Natta said in a statement.
"I understand that these changes are painful for manyThey are also necessary for the long-term health and culture of MySpaceOur intent is to return to an environment of innovation that is centered on our user and our product." .