After hitting their peak in December 2008 social media network MySpace began to shed one million users per day and now it has been discovered that among those Facebook stealing casualties are the company’s co-founder Chris DeWolfe and Tom Anderson.

Speaking to BusinessWeek the company’s former CEO says he “cringes” when he visits his old MySpace page, while his co-founding partner Tom Anderson, famous for being the first “friend” every member of the site received hasn’t accessed his MySpace page since March 2010.

While Wolfe hasn’t accessed his page in a while he’s confident the site can still be successful, noting:

“MySpace can be something again, but I think you have to have someone that can really reimagine what it is,” DeWolfe says. “The direction it’s going right now is not the right answer.”

Bought for $580 million by News Corp. the site is expected to sell for only a fraction of that price when it gets handed off in the near future.

[Via BusinessWeek]