Rupert Murdoch lends a hand
Facebook population: 6 million+
News Corp's July 2005 acquisition of Intermix Media, MySpace's parent company, was crucial to Facebook's success. It introduced the phrase "social network" to millions of Americans. It suggested such networks had real market value, even as critics scoffed at the $580 million purchase price. And it put Facebook's biggest competitor -- then more than four times its size -- into the hands of total incompetents who would eventually drive it into a tree. Last June, News Corp dumped MySpace for $35 million, or roughly three days' worth of Facebook's 2011 ad revenue.
The Good: Separating Murdoch from some of his money isn't the worst thing that ever happened
The Bad: MySpace is now partially owned by Justin Timberlake