MySpace today fired 500 of 750 employees internationally. This is on top of the 500 people they fired from a staff of 1,000.
I know the idea of starting a company and opening offices is growth, revenues, job creation and profits, but you cannot encourage entrepreneurship in an environment where laying people off is impossible and so punitive to the employer.
Unlike our recent domestic restructuring announcement, what we are announcing today is a formal proposal we intend to implement, rather than an executed plan. As required by laws in countries where we operate, we will not implement the plan until we have consulted with potentially affected employees.
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