MySpace dumps 30% of workforce

Social networking site says it was 'bloated' and needs to 'restructure'

About 480 people over at MySpace are losing their jobs today.   The social networking site announced it will be cutting 30% of its workforce.  This will bring MySpace’s total staff to 1,000 employees.

Owen Van Natta, MySpace’s newly hired CEO stated,

“Simply put, our staffing levels were bloated and hindered our ability to be an efficient and nimble team-oriented company.  I understand that these changes are painful for many. They are also necessary for the long-term health and culture of MySpace. Our intent is to return to an environment of innovation that is centered on our user and our product.”

Van Natta was brought over to MySpace in April of 2009.  He previously served as an executive for Facebook until February of 2008.  Van Natta helped broker Facebook’s $240 million investment from Microsoft.

MySpace, which has fallen under the shadows of Facebook and Twitter, says it will be ‘restructuring.’  Jonathan Miller, News Corporation’s CEO of Digital Media and Chief Digital Officer said this move, “will help MySpace operate much more effectively both structurally and financially moving forward. I am confident in MySpace’s next phase under the leadership of Owen and his team.”