The Myspace story is one for the ages. It rose to the top of the social media hierarchy back in 2005, which led to News Corp's purchase of the company for $560 million that year. Soon Myspace's flaws, like spam, viruses and x-rated content, caught up to it, and people began flocking over to the more user-friendly Facebook platform. Justin Timberlake and Specific Media Group purchased Myspace for $35 million in 2011, and relaunched it January 2013.