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Rupert Murdoch warns Facebook may go the way of Myspace
Rupert Murdoch took to Twitter to give Facebook the thumbs down.
The famed media investor suggested Facebook, the world's largest social network, may suffer a similar fate as Myspace, a company he once owned.
"Look out Facebook! Hours spent participating per member dropping seriously. First really bad sign as seen by crappy MySpace years ago," he tweeted last night.
Mr. Murdoch knows a thing or two about failed social media companies.
The media mogul, who owns such media outlets as The Wall Street Journal and Fox News, purchased Myspace in 2005 for $580 million — but it turned out to be one of his worst investments.
He sold it in 2011 at a big loss for only $35 million.
His comments come a day before the 1-year anniversary of Facebook's failed IPO on May 18, 2012.
The world's largest social network went public at $38 a share, but the stock price quickly began falling, reaching a low-point of about $17 in September.
Since then, it has climbed back up a bit, trading at $26.45 in late-morning trading Friday.
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About the Author
Tim Devaney is a national reporter who covers business and international trade for The Washington Times. Previously, he worked for the Detroit News, Grand Rapids Press, Portland Press Herald and Bangor Daily News. Tim can be reached at firstname.lastname@example.org.
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