Date: January 2011
Layoffs: 500
Headcount before: 1100
Headcount now: About 500

Once the largest social network in the world, MySpace was blown off the map by Facebook. After going through several CEOs, the company slashed its payroll by 47% in January 2011, saying the move would "provide the company with a clear path for sustained growth and profitability."

Not so much. The woes continued mounting. News Corp. purchased MySpace for $530 million in 2005 and sold it in June 2011 to Specific Media for just $35 million.

Facing an increasingly obvious losing battle, MySpace eventually gave in and allowed users to link their Facebook and Twitter profiles.

By Michal Lev-Ram and David Goldman @FortuneMagazine - Last updated May 23 2012: 5:31 AM ET
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