According to reports from Reuters, Rupert Murdoch and News Corp, are in no hurry to let go of Myspace. The group bought the networking site for $580 million in 2005. However it has since then faced strong competition from other networking alternatives such as Facebook and of course twitter which is speedily becoming more popular. The News Corp chief executive has however warned against investing in twitter.

"Be careful of investing here," he said of Twitter. it seems the site has yet to show serious ways in which it could bring profits for investors.

When speaking on Facebook he stated "Facebook is like a directory, How they make money is another matter." The opinions of many investors may differ though, as Speculation at the 27th Sun Valley conference were still running rampant over which company might want to buy Twitter.

The service, which lets people post to Web what they are thinking or doing in 140 characters or less, is growing in popularity. While Myspace in recent months has had to cut jobs in both the United States and abroad, it is deemed that figures reaching around 30 per cent of the Myspace international staff have been laid off. Murdoch’s confidence however could prove enough to sustain the venture.

Reported by Michael Adeyemi