MySpace Chops 30 Percent

Los Angeles-based MySpace has chopped 30 percent of the firm's staff, saying Tuesday that the company is laying of 30 percent of its employees, or 400 people. According to a widely released memo from CEO Owen Van Natta, the moves were made "for the long-term health" of the company, and will cut the number of employees at the firm to 1,000. Van Natta said that MySpace's size had become "unsustainable," and instead, the firm needs to operate "as a nimble and entrepreneurial company with the adaptive mentality of a start-up."