On Friday, News Corporation chairman and chief executive Rupert Murdoch admitted on Twitter that he and his company killed MySpace. In fact, his very words were that "we screwed up in every possible way." He added that News Corp walked away from the destruction having learned "lots of valuable expensive lessons."
Expensive is a pretty accurate description. News Corp purchased MySpace back in 2005 for $580 million as it was growing in popularity -- that time period before the Internet halted and gave birth to Facebook, the current center of the social world. Having lost a good chunk of business to Zuckerberg and Co., Murdoch sold MySpace for $35 million last year, taking a 94-percent loss.
Quite an expensive lesson.
Murdoch reportedly joined Twitter at the start of the year, but this is the first time he's tweeted about MySpace and the difficult six years before its sale. His current topics outside the MySpace blunder have centered on the show in Las Vegas.
"Big three, Apple, Google and Amazon, and maybe Facebook dominant now and growing," he said in one tweet, referring to the show. "Plenty of others good, but not in same league." Eventually he reports that it seemed like more innovation than ever, "some great, all disruptive."