Chris DeWolfe is dashing around his Beverly Hills office. The co-founder of MySpace is preparing to go to Davos, where he will rub shoulders with leaders of the world economy, including his boss, Rupert Murdoch.

Davos this year is packed with gloomy-sounding sessions on the collapse of global capitalism but Mr DeWolfe is in an upbeat mood. MySpace has fine-tuned its advertising model and as it celebrates its fifth birthday he believes the site can prove its critics wrong about the durability and profit-making potential of social networking.