MySpace Cuts 30% of Staff

Struggling social site issues 420 pink slips

MySpace said Tuesday it is cutting nearly 30 percent of its work force in a bid to become more efficient, bringing its staffing level more in line with its more popular rival, Facebook.

The move comes less than two months after MySpace, a unit of Rupert Murdoch's News Corp., hired former Facebook executive Owen Van Natta, 39, as its new chief executive.

It also comes a day after data from tracking firm comScore show Facebook has caught up with MySpace in monthly U.S. visitors for the first time

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