In a word, bloat. The Bev Hills-based social networking site, part of Fox Interactive, has announced that 30 percent of the work force will be trimmed, or more than 400 people. The cuts had been expected, what with new management in place and the recent decision not to move into a large office complex at Playa Vista. (Silicon Alley Insider had reported on the probable layoffs last week.) "Our staffing levels were bloated and hindered our ability to be an efficient and nimble team-oriented company," says CEO Owen Van Natta. Even with the cuts, MySpace still has 1,000 employees, which some might find to be on the high side. The overhead issues come amid strong indications that Google will want to drastically downsize its advertising contract that expires next year - as in from $300 million to $50 million.