Facebook Shares Drop by 11 percent as MySpace Unveils Website Redesign

Almost a decade old MySpace platform announced massive redesign, turning the social networking world upside down overnight. The long beleaguered social network platform has planned a complete visual refresh that gave chills to its rival—Facebook.

According to the recent promotional video launched by MySpace, the platform will drastically improve its user interface. It will provide horizontal oriented user interface and will continue to place emphasis on music.  Though redesign is not new to MySpace, as it constantly tried to improve its service, this change has reportedly challenged the top social networking site, Facebook.

The news indicating MySpace revamp has already shown its impact on Facebook; Facebook shares dropped by 11 percent. The poor performance in Facebook shares overrides the last two weeks of positive news. Facebook share prices had seen a surge right after Zuckerberg had addressed the media a few weeks back.

The share price drop seems to have come during the bad time with a bigger supply of employee shares about to arrive in the market. This may lead to further drop in its share prices.

Facebook has openly discussed the disappointing share prices and have confirmed that it will try to focus on mobile earning than its desktop counterpart. However, mobile version doesn’t seem to have started working flawlessly till now.

Meanwhile, MySpace—owned by top pop-star and investor Justin Timberlake—has launched a video showing off the revamp of its platform. The platform will be more of an entertainment provider than the socializing platform. Reportedly, the platform changes are predicted to offer a novel concept ready to attract user attention.

Lately, Facebook has also been beaten by Pinterest—the newest platform for sharing photos and playing music. The site shows 40,000 new registrations per day.

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