When social networking was first introduced into our everyday lives, it was little doubt that MySpace was king. Launched in 2003, MySpace was created in the wake of Friendster, and the popularity of the site was immediate. The novelty of social networking led to a huge rush of accounts being created, and by 2006, the site celebrated a noteworthy milestone—the 100 millionth MySpace account.

But for CEO Chris DeWolfe and the supporting team of executives, the heyday was relatively short-lived. Based on unique monthly visits, Facebook surpassed MySpace in popularity by mid-2008. And apparently, the boardroom has little patience for this kind of fall from grace. Rumors have begun to circulate that DeWolfe and other major MySpace players (like President Tom Anderson) will be terminated for their inability to keep the company fresh and relevant.

There has been no official word, however, on the employment status of MySpace’s higher ups. These rumors remain just that—rumors. But even if the claims are unsubstantiated, there’s little doubt that MySpace still has to take the company in a new direction. Despite being one of the most recognizable websites around, social networking is all about staying current with the demands of the youth. If you’re losing ground to the latest and greatest online tool, you’ll likely be left in the dust for good.

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