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MySpace set to lay off 45 employees

MySpace are set to lay off 45 employees in the coming weeks according to industry reports. The social networking site has made no official statement about the redundancies but TechCrunch believes that they could be linked to the arrival of a new executive team headed by Oweb Van Natta.

It is not clear if the lay offs were scheduled by former CEO Chris DeWolfe or the new management team. Either way TechCrunch reports that MySpace could be set to undergo some serious restructuring in the near future as it looks to keep the pace with rivals Facebook and Twitter.

The popular social networking site is alleged to have handed P45s to over 5 per cent of its workforce last year.

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