Business Magnate Rupert has stated on Twitter that News Corp’ acquisition of social networking site MySpace for $580 million was a mistake. Chairman and Chief Executive of News Corp revealed on twitter for the first time since he lost $545m in his gamble on the social networking website. In an event talk of MySpace at Consumer Electronic Show In Las Vegas, He tweeted saying, “”Many questions and jokes about Myspace.simple answer – we screwed up in every way possible, learned lots of valuable expensive lessons.”
Rupert Murdoch’s News Corp acquired MySpace In 2005, But Mark Zuckerburg’s Facebook launched a year later he web site’s popularity declined rapidly. News Corp sold MySpace to Specific Media LLC and Justin Timberlake in 2011 for just $35 million, loss of $545 million. In 2011 Rupert Murdoch revealed in shareholders meeting that he made mistake saying “”We could have sold it for $6 billion a month later.” In 2008 MySpace user base was at 73.6 million users, but now users has shrunk to less than 30 million.
