Rupert Murdoch predicts Facebook could be headed the same way as ‘crappy’ MySpace

According to Rupert Murdoch, Facebook could find itself in a similar situation to ‘crappy’ MySpace. Murdoch, who lost $545m when he sold MySpace in 2011 after buying it six years earlier for $580m, tweeted the warning on the first anniversary of Facebook's IPO.

Look out Facebook!Hours spent participating per member dropping seriously.First really bad sign as seen by crappy MySpace years ago.

— Rupert Murdoch(@rupertmurdoch) May 17, 2013

His comment came in response to increasing reports from analysts that Facebook members are not spending as much time on the site as they did last year. Since its IPO, the social network’s stock value hit an all-time low in September before settling into a valuation of around $65bn. Shares in Facebook are currently trading at $26, well below its original $38.