MySpace co-founder says he was ripped off

Filed under: Web services, Social Software

MySpace co-founder says he was ripped off

by Jordan Running Oct 6th 2006

Social networking juggernaut MySpace is experiencing some post-acquisition woes in the form of complaints by former shareholders. Among them is MySpace co-founder Brad Greenspan, who says that MySpace parent company Intermix Media knowingly sold to Rupert Murdoch's News Corp. for far less than its true value and locked out other bidders including Viacom. Greenspan has released a nine-chapter report at FreeMySpace.com that he says presents proof of Intermix executives' wrongdoing. News Corp. has released a statement saying, "It's unfortunate that Mr. Greenspan continues to issue press releases complaining about a deal that many industry experts initially believed was a risk for News Corp. to take. We've strategically built this business since the acquisition and are just now beginning to realize real financial value. This is simply a case of sour grapes making for loud complaints." Other former MySpace investors are up in arms as well, though, filing lawsuits for a variety of allegations backed by big guns like Lerach Coughlin Stoia Geller Rudman & Robbins, the firm that won billions for the Enron plaintiffs.

Tags: Brad Greenspan, BradGreenspan, intermix, lawsuit, myspace, newscorp, socialnetworking

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