Murdoch MySpace Mistake of the Day: News Corp. boss Rupert Murdoch admitted today via Twitter that buying MySpace in 2005 was a very bad idea.
“Many questions and jokes about MySpace,” Murdoch tweeted from CES, “Simple answer—we screwed up in every way possible, learned lots of valuable expensive lessons.”
News Corp. bought MySpace for $580 million, and sold it last summer for just $35 million. This week, a new set of investors (including Justin Timberlake) announced they’re getting ready to turn the ailing social network around (or learn from Murdoch’s mistakes) by rebranding it as Myspace TV.
If you’re looking for somewhere smarter to put your money, Murdoch suggests “Apple, Google and Amazon, and maybe Facebook dominant now and growing. Plenty of others good, but not in same league.”
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