If you're still mackin' on MySpace, we have some bad news: Not only will the site issue massive layoffs this week, it also will probably be sold for the price of a few bacon-wrapped hot dogs.

As Gawker reported yesterday, the social media site that News Corp. paid $580 million for in 2005 is rumored to have huge layoffs coming. Now,

… there are now two potential buyers vying for the virtual shantytown, lengthening what was supposed to be a three-hour quick sale, All Things Digital said.

The bidders, a digital ad network and a private equity firm, are reportedly offering $20 million to $30 million.

This comes on the heels of News Corp.'s pronouncement a couple of months ago that they would accept no less than $100 million for the site.

You know, pride really do cometh before a fall.

LA Weekly