The global economic downturn was blamed for the restructuring, and LiveJournal’s global product development and design will now be coordinated out of its Moscow office, according to the company. Its headquarters , technical operations, and servers, legal, administration and the customer service teams will remain in the United States. LiveJournal, owned by SUP, will also have new leadership. Matthew Berardo, vice president and general manager will be leaving the company and Stephanie Gravelle, currently LiveJournal Inc.’s director of finance and administration and Sergei Komarov, currently CTO of SUP will jointly lead. * The company says about a dozen, about 20 percent of its workforce, was laid off.
One blogger says there was no severance or advance warning of the layoffs. Gawker thinks the social networking market has finally burst and others, such as Hi5, MyYearbook, will follow. If even Facebook and MySpace have problems making more money than they spend, the smaller ones will be soon fade away.
* Corrected from earlier version. Gawker said 20 were laid off.
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