miley-vanessa-myspaceMiley Cyrus, Olivia Wilde, Vanessa Hudgens and Kelly Osbourne were among the young Hollywood celebrities who turned out to celebrate the relaunch of MySpace last night at the El Rey Theatre in Los Angeles. Justin Timberlake is now one of the owners.

Timberlake and business partners Chris and Tim Vanderhook, reportedlyl paid $35 million to buy the social media site in 2011.

Although originally started to give up-and-coming musicians a platform to showcase their work, MySpace became one of the first big social media sites.

Justin Timberlake Hosts MySpace Relaunch

It went corporate in 2005 when Rupert Murdoch’s News Corp. paid $580 million for it. But it fell out of fashion and was eclipsed by Facebook and Twitter.

Timberlake and his associates paid pennies on the dollar for MySpace, but the potential upside is huge. Facebook, which has had its own troubles, is said to be worth $63 billion.

Timberlake attended the event with a mystery brunette. His wife Jessica Biel, 31, did not attend, according to sources.

Ashley Tisdale, 27, was spotted hanging out with Hudgens her old High School Musical co-star. So much fun tonight at the #myspace relaunch party w/ @ashleytis!” Vanessa wrote on Twitter.

Cyrus looked fab in jeans with a bra top and black PVC bomber jacket. Miley also flashed a gold tooth.

Check out the photos and follow TheImproper on Twitter for more celebrity updates.