My, My, My, My Space

Remember when My Space was all the rage?  Kids couldn't get enough of it, parents couldn't get their kids off of it?

In the Wall Street Journal, I see that My Space sold for $35 million.  Six years ago, it was purchased for $580 million.  (Your retirement fund doesn't look so bad after all, does it?)

Half of the 450 person staff was laid off on June 29th.  There were 1400 employees at My Space just two years ago.  (Feeling a little better about your job security?)

The losses for the fiscal year ending June 30, 2011 were $165 million.  (Ouch!)

Justin Timberlake is involved in the turnaround effort of the newly purchased My Space.  (Something tells me his acting role in the movie "The Social Network" will prove more successful)

Facebook, which was valued at a mere $35 Billion at the end of 2010, is now valued at between $70 Billion to $80 Billion.

What do you think Facebook will be worth six years from now?

This Old Dog thinks that, in a dorm room or garage somewhere out there, there is a David looking to take a bite out of Facebook Goliath. 

What do you think?

Thanks for sharing 46 seconds of your day,
Smitty