My Space Bought For $600,000,000 Sold For $35,000,000

June 30. 2011 

In an act that screams business fail on the part of News Corp, the once popular social networking website, My Space, was purchased by the aforementioned company's founder, Rupert Murdoch, for $600,000,000 and now sold a few years later in a fire sale for $35,000,000. 

This occurred due to the emergence of social networking websites Twitter and Facebook. The public shifted its attention from My Space and down went its value. It is being stated, not even My Space's founders use the site anymore. It's very competitive out there in said realm of internet sites.