Insanity! News Corp bought MySpace for $580M and despite even Taylor Swift drove it into the ground and had to resell it for $35M. The new owners, which includes Justin Timberlake, cut the staff to help cut costs. The wikipeadia page for MySpace lists just 50 employees.
Actually, this might be the best thing for MySpace. The name is still revolutionary and with a big name like Timberlake behind it the site may become a music hub. Something that Apple never could achieve. Social media still has a long way to go.