7 Companies Who Destroyed Their Competitors

Facebook vs. Myspace

Rupert Murdoch’s News Corporation purchased upcoming Myspace for $580 million in July 2005, when Facebook membership was still limited to college students. According to Comscore, in May 2007, Facebook’s unique monthly viewers were restricted to just 30 million, whereas Myspace’s were at around 70 million.

In May 2009, Facebook toppled Myspace’s unique viewers, which had still 70 million viewers. Later Facebook had nearly 160 million users. Meanwhile Myspace’s users dropped below 40 million and that number kept on falling. In June 2009, Murdoch sold the dying company Myspace for $35 million which is 93 percent less than the original purchase price.