MySpace Employees Prepared for Massive Layoffs

The MySpace ship is sinking fast, and it's estimated that about half of the employees who haven't already abandoned it will be set adrift in the next few days. Parent company News Corp. is selling the social networking company -- that it paid $580 million for in 2005 -- to the highest bidder. It should bring an estimated $20 million to $30 million, according to AllThingsD, although bidding seems to be heating up, and the final price could be higher.