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The project was overseen by Brad Greenspan (e Universe's Founder, Chairman, CEO), who managed Chris De Wolfe (My Space's starting CEO), Josh Berman, Tom Anderson (My Space's starting president), and a team of programmers and resources provided by e Universe. The company held contests to see who could sign up the most users.

In February 2005, De Wolfe held talks with Mark Zuckerberg over acquiring Facebook but De Wolfe rejected Zuckerberg's million asking price.We went with a lot of products that were shallow and not the best products in the world".The products division had introduced many features (communication tools such as instant messaging, a classifieds program, a video player, a music player, a virtual karaoke machine, a self-serve advertising platform, profile-editing tools, security systems, privacy filters, and Myspace book lists, among others).However, the features were often buggy and slow as there was insufficient testing, measuring, and iterating.Danah Boyd, a senior researcher at Microsoft Research, noted of social networking websites that Myspace and others were a very peculiar business—one in which companies might serially rise, fall, and disappear, as "Influential peers pull others in on the climb up—and signal to flee when it's time to get out".

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