The News Corp owned MySpace social network has struggled to reign as the top social network in the U.S., only to be recently overtaken by Facebook.

Facebook continues to experience exponential growth and continues to innovate. Facebook firstly launched its Facebook Chat feature, allowing friends to easily chat straight from their Facebook profile, or though a supported IM client such as Digsby (PC), and Adium (Mac). Read the full story

The world’s largest conglomerate, News Corp, has posted a massive $6.4 billion loss. News Corp owns the Wall Street Journal, Fox, MySpace, Dow Jones & Co, among other popular companies. News Corp would not break down net profits for any specific company, instead only posting aggregate numbers. News Corp CEO Rupert Murdoch said, “our results for the quarter are a direct reflection of the grim economic climate,” News Corp continues to cut costs at Down Jones including with salary freezes, and job cuts, and says it expects to save the company more than $40 million by June 2010. The Wall Street Journal also announced it would cut 25 editorial jobs today.