TECH CRUNCH -- June 10 -- MySpace is about to have a major wave of layoffs. One source describes the number of people affected as “massive”, while another source says that the layoffs will likely affect between 300 and 500 employees. Last summer MySpace let go of 5% of its staff, and as many as 45 employees were laid off last month.

MORE NEWS @ SOCIAL NETWORKING WATCH

Not Possible (sic)......

So, let me get this straight:

A company with no business model whatsoever is running low on cash and can't afford their:

STAFF
Servers
Bandwidth
Rent
...and other day to day business expenses?

I don't understand? I thought this company believed that they could 'NEVER' falter.

Didn't they get USD $240 Million from Microsoft just 2 years ago? They must have really found a way to blow that kind of money. To blow $120 million a year, what can you possibly spend it on?

There are some great jobs in the banking industry for these people. There's a ton of TARP money that needs to be blown away.

We have been solid on our foundation for a business model when engaging in a social network. Otherwise, you have a lot of time spent with little to generate in terms of capital.

Marc Lesnick
Conference Organizer
Social Networking Conference