We’ve been covering the ongoing meltdown at MySpace from a variety of angles, including last week’s US job cuts and today’s big international layoffs. Another ongoing question has been the fate of Tom, co-founder of the social network and default friend to everyone who signs up.

While we recently learned that Tom was staying at MySpace, we didn’t know in what capacity, until now. According to The Business Insider, Tom is getting a $500,000 year contract to take an “ambassador’s role” and “stop coming to the office.” In other words, half a million dollars a year to not do much of anything other than remain the official face of the site. Granted, that’s a big pay cut. Tom and ousted CEO Chris DeWolfe were getting a reported $7.5 million per year from the deal they signed after the social network was sold to News Corp. But considering it looks like Tom’s role is now to keep his profile up and running, post an occasional bulletin, and leave his wall open for confused member comments (he still gets hundreds a day), it’s hardly a bad deal.

The biggest question now is what’s next for Tom and Chris after starting what became the world’s top social network, only to see it lose its edge under News Corp.