Although strictly speaking he has a public account and a private account. So'd they probably take control of his public account, and leave him to his private one.
But News Corp could definitely use it. Tom is the public face of Myspace,and Myspace news ends up on Tom's account. It would be a very easy way for the new CEO to communicate with the users. All they would need to do is change the name of the account to the new CEO's.