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About 500 employees were slashed from MySpace's company roll call, CNET reported today. "Simply put, our staffing levels were bloated and hindered our ability to be an efficient and nimble team-oriented company," Owen Van Natta, CEO of the News Corp.-owned social site, said in a release. "I understand that these changes are painful for many. They are also necessary for the long-term health and culture of MySpace. Our intent is to return to an environment of innovation that is centered on our user and our product." Van Natta was hired in April and used to be the Chief Operating Officer at Facebook. MySpace will continue to employ around 1,000 people in the U.S.