LOS ANGELES (AFP) - News Corps purchase of Myspace was a huge mistake and the social network was mismanaged in every possible way following the acquisition, chief executive Rupert Murdoch said Friday. Murdoch, addressing shareholders at the media and entertainment companys annual meeting in Los Angeles, said News Corp.s 2005 purchase of Myspace for $580 million was seen as fantastic at the time. We paid $600 million, Murdoch said. We could have sold it for $6 billion a month later. Myspace, however, was quickly eclipsed by Facebook, which has grown to more than 800 million members as Myspaces numbers have dwindled. I made a huge mistake, Murdoch said of the Myspace acquisition. We then proceeded to mismanage it in every possible way, he said, adding that all of the people concerned with it are no longer with the company.