Uh-oh. Just a month after Gina Bianchini, co-founder of build-a-social-network service Ning, departed the company, it's cutting 40 percent of its staff and axing its free, ad-supported service, CNet reports. Bianchini had co-founded Ning with Valley legend Marc Andreessen, and it had raised $119 million in venture capital, including a whopping $60 million round in early 2008 that Andreessen famously characterized as a stockpile for the "nuclear winter" that would help get it through the economic recession. Jason Rosenthal, the Ning COO who took over as CEO from Bianchini, sent an eMail memo to company staffers on April 15 that...

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