Unless you get a big severence (two months or more) stick it out.
Start looking for a new job. This is a great time to move, since potential employers will not think your reasons are negative.
Indicate you are ambitious, a go getter, and the new downsized company does not fit with your personal goals. You mind land a great new job.
In the meantime, park the social life a bit, and closer to fulltime on your internet stuff. See how it goes.
In three months, hopefully you will have enough experience to make the best decision.
Good luck.
