Social network MySpace announced it would lay off 420 workers -- approximately one-third of its staff -- as it gears up to win back market share from rival Facebook. New CEO Owen Van Natta, formerly a top executive at Facebook, said in a statement, "Simply put, our staffing levels were bloated and hindered our ability to be an efficient and nimble team-oriented company." According to comScore metrics, monthly unique users dropped by 3.4 million in May on a year-over-year basis. Facebook recently passed MySpace in the number of monthly unique users -- drawing 70.28 million visitors for May.

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