News Corp CEO Rupert Murdoch said his company’s $580 million purchase in 2005 was a mistake.
Murdoch said MySpace was chronically mismanaged “in every possible way,” according to a report by the Associated Free Press.
“We could have sold it for $6 billion a month later,” Murdoch said, according to the AFP report.
Facebook quickly surpassed MySpace as the most popular social network and now has more than 800 million users.
News Corp sold MySpace to Specific Media and Justin Timberlake for $35 million in June earlier this year.
Murdoch was speaking at the company’s annual shareholder meeting.