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In February 2005, De Wolfe held talks with Mark Zuckerberg over acquiring Facebook but De Wolfe rejected Zuckerberg's million offer.
Some employees of Myspace, including De Wolfe and Berman, were able to purchase equity in the property before My Space and its parent company e Universe (now renamed Intermix Media) was bought.
Boyd compared the shift of white, middle-class kids from the "seedy" Myspace to the "supposedly safer haven" of Facebook, to the "white flight" from American cities; the perception of Myspace eventually drove advertisers away as well.
That resulted in De Wolfe and Anderson gradually losing their status within Murdoch's inner circle of executives, plus De Wolfe's mentor Peter Chernin, the President and COO of News Corp.
However, the features were often buggy and slow as there was insufficient testing, measuring, and iterating.
Myspace quickly gained popularity among teenage and young adult social groups.
Redstone believed that the failure to acquire My Space contributed to the 20% drop in Viacom's stock price in 2006 up to the date of Freston's ouster.
Freston's successor as CEO, Philippe Dauman, was quoted as saying "never, ever let another competitor beat us to the trophy".
The My domain was originally owned by Your Z.com, Inc., intended until 2002 for use as an online data storage and sharing site.
By 2004, it was transitioned from a file storage service to a social networking site.
While Facebook focused on creating a platform that allowed outside developers to build new applications, Myspace built everything in-house.