The dominance of social networking site Facebook has produced a bunch of winners and losers online.
Among the winners are Zynga, a games maker on the Facebook platform, that will soon have an initial public offering (IPO) estimated to raise around $1 billion for the company. Losers include former social networking site giant Friendster that has now rebranded itself and, most recently, MySpace, which was sold by News Corp. at a heavy loss for only $35 million.
History of MySpace
In July 2005, Rupert Murdoch’s News Corporation acquired MySpace at a staggering price of $580 million.
