MySpace cofounder and former CEO Chris DeWolfe raising money for his new venture, "Vertical".

It definitly hurts to get replaced in any sphere of life. And when after building the biggest site in the Internet from scratch, you get replaced, the pain is definitely felt in a different way. So after establishing MySpace, as arguably the biggest site in the Internet, when Chris DeWolfe got rudely replaced by Owen Van Natta, he couldn't take the incident sportingly. It was more so hard because of his eccentric nature. And if our sources are to be believed, He is now busy raising money for his new venture, VERTICAL. Now what this projest is all about is still kept tightly under wrapper, and we couldn't get a peek at it so far. But going with the dynamic nature of Chris, it can be said that, something unique, and never heard of 'thing' is coming out of his sleeves. Reportedly, he has been pitching up a number of private equity funds to raise his money. According to our source the approximate budget of the project is arround $100 million.

If every thing goes right, it will not take much time for the project to see day-light. And a person who could help a company reach from no where to every where within just the span of 5 years, is definitely capable of making it again.