The launch of Slingshot Labs came nearly a year and a half after Myspace's primary competitor, Facebook, announced a US$10 million fund to invest in software companies that build applications for its social network. Comparisons to Facebook's fund swirled around the company's launch, but News Corp and Myspace execs did not acknowledge them. Current CEO of Myspace, Chris DeWolfe, explained to BusinessWeek, "This is my baby, my idea, and something I've wanted to do for a long time." Both DeWolfe and News Corp chairman Rupert Murdoch have been involved with the company's initial stages; it was seeded by News Corp with US$15 million and 40 employees.
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