News Corp. CEO Rupert Murdoch isn't exactly known for his humility, but during a rough year for News Corp., he's at least admitted to his mistakes. This week, he took to Twitter to concede failure with MySpace, summing up in 140 characters what anyone who followed the social network probably already knew:

Many questions and jokes about My Space.simple answer -we screwed up in every way possible, learned lots of valuable expensive lessons.

— Rupert Murdoch(@rupertmurdoch) January 13, 2012

After a $580 million purchase of the site in 2005, News Crop. sold MySpace this year for $35 million. The service is still surprisingly popular, ranking fifth in Nielsen's 2011 rankings. Murdoch clearly saw the right trend — Facebook and Twitter have become enormously popular and valuable social networks — but he bet the wrong horse. Murdoch said he and News Corp. learned valuable lessons, but for his sake we hope they're really valuable. Like $545 million valuable.

(Image Credit: World Economic Forum / Flickr)