The company launched in 2007 with $30 million in venture capital.
Thanks to their initial investments, Foundry Group, Spark Capital, Norwest Venture Partners and Time Warner Investments are set to make a large windfall.
CEO Michael Barrett was fired in 2008 from News Corp., after he failed to get MySpace to an unreasonable $1 billion revenue target.
MySpace has since continued its decline, losing $165 million last year alone.
Written by: Andre Yoskowitz @ 10 Jun 2011 13:36
