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How MySpace Blew It

In 2005, Rupert Murdoch was hailed as a visionary for snapping up MySpace. Today, as Facebook and Twitter fuel a historic uprising, MySpace announced its second round of layoffs in a week. Lloyd Grove on what went wrong.

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Bryan Charlton / AP Photo
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Last week, as Iranian reform candidate Mir Hossein Mousavi was blasting out messages through Facebook—and Twitter was becoming a tool of the revolution—MySpace took a different tack: It slashed nearly a third of its staff.

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