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MySpace Pulls The Plug On Social Media Incubator Slingshot Labs

MySpace is finally winding down News Corp (NYSE: NWS). social media incubator Slingshot Labs after a slow death. Valleywag, which broke the story, says that MySpace parent News Corp. decided shut off the lights for good after Chris DeWolfe exited as CEO in April ’09. While MySpace didn’t have a comment, sources told paidContent that the decision was not so cut and dried.

In any case, Slingshot’s roughly 20 staffers were put to work last month on WSJ Connect, which was billed as a “LinkedIn Killer” last year. With the demise of Slingshot, though that project is dying too. Like Slingshot, the feeling was that the work didn’t warrant the investment.

Not all Slingshot’s staffers will find themselves out of work, our source says, as many have been told that News Corp. will try to place some of them at MySpace.

3 Responses to “MySpace Pulls The Plug On Social Media Incubator Slingshot Labs”

  1. Time Travel Writer

    “The most important thing to understand about Facebook is that you are not Facebook’s customer, you are its inventory.”

    Shall we go and look over the cattle dear? Milking the inventory and no trucks with this business. Moo.
    Keynesianism: The government buys your cow and hires five workers to take care of it to ensure full employment. The cows get bigger and bigger, while the currency loses its value. Soon a cow costs $1,000,000 which is only about 3 days wages. But supply and demand has made owning a cow unprofitable. The economy collapses.
    We can make millions and you do the data entry for nothing. It’ll be fun.