Word on the street is that tomorrow more than a third of the staff at the social notworking site Myspace will be collecting their p45s and pink slips as Rupert "Digger" Murdoch starts to wash his hands of one of his worst investments ever.
To be fair to Digger, Myspace was dead in the water when he bought it, which only begs the question "why did he bother?"
Myspace was designed for 13-15 year olds and even in 2005 it was full of teens. However, all those users flocked to Facebook because Myspace became so clunky and out of date.
Part of the problem was that the younger market became older and staying in Myspace was like staying in High School. Meanwhile the old demographic was being increasingly monitored by over protective parents who were terrified that their precious snowflakes might put down their plate of hamburgers to run off with a paedophile.
It is not surprising that the youngers jumped ship. Facebook was a doddle to master and could adapt to your user's network of friends. MySpace did not adapt even after Digger ordered that the site should redesign itself in October.
After the relaunch, Myspace worked in the same way with a few minor usability updates. Nothing to see here move on please... and they did.
Facebook had adopted ideas like Ajax, which allows users to send messages without the need to open a new browser window. It was possible to have programs to import e-mail address books into friends lists and something like instant messaging. Myspace introduced, er nothing. The idea to restructure it as an on-trend music portal took off for a week.
Despite that, at the end of last year, MySpace's chief executive Mike Jones admitted the site was no longer a social network but now a "social entertainment destination".
When someone says that something which was a car is really a tricycle you know that a product is about to lemming.
When Digger bought MySpace for around $580m in 2005 it had 20 million unique users. Now it is costing him tens of millions of dollars each month.
President Chase Carey said the social networking site was a "problem". Now it seems that he has ordered the lay off of 150 of its current 400 problems on Wednesday, reports Digital Trends.
The hope is that a slimmed down version will be more attractive to potential buyers for being less bloated with costs. But it is had to see how much fat can be cut off.
In January, Myspace cut 47 percent of its 1,100 US and international employees and since 2009, Myspace has laid off over 1,500 employees.
There are some rumours that on Wednesday Digger will announce that the company will be sold, although no one is admitting that they are interested in buying a company that is losing 14 percent of its users every month.