US social networking giant MySpace plans to cut 420 jobs, which is about 30 percent of its domestic staff.

MySpace now is a unit of media baron Rupert Murdoch’s News Corporation. According to the company, the cut in payrolls comes “as part of a plan to restructure itself into a more innovative, efficient, and entrepreneurial business.”

The cut will affect all US divisions of the company. This job cut will reduce the domestic workforce to 1,000 employees.

Facebook has already zipped through to leave MySpace behind in the second place.

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