After an 11% initial drop, the Facebook stock has plummeted another 7%, even as news of Mark Zuckerberg’s marriage made headline news. What is going on with Nasdaq and at Facebook headquarters?

Putting the possible PR stunt of the Zuckerberg marriage aside, this is pretty shocking news for the once golden IPO. Maybe, it is simply a sign the equity markets are not strong, posting some of its worst moments this past week.

Perhaps the sharp decline in Facebook shares is due to the company’s underwriters lowering their estimates during the IPO roadshow.

The thing I can’t wrap my head around there a lot of things to like about Facebook, the company. Did it simply price the IPO too sky, leaving little room for the early bump most new offerings experience?

Trading glitches at Nasdaq, an European economy in turmoil and many investors sitting on their money hasn’t helped the situation for Facebook.

Maybe the people those who created the IPO got swept in the same hysteria that the media did. Maybe Facebook and its underwriters were greedy. Or maybe people don’t trust a social network going public to reap long-term dividends. Or maybe there is no demand for the supply.

It seems there are more questions than answers at this point, along with a lot of frustration. A week ago, $38 to own a share of Facebook didn’t seem unreasonable, didn’t it?

Right now, what was once hailed as a definite and forthcoming watershed moment for social media and the IPO market is causing investors a lot of heartache, and generating more questions than answers.

This might be one story to watch all summer long.

For the past eight years, Facebook has been the master of its domain.

Led by Mark Zuckerberg, Facebook has created its own rules of engagement, shrugged off a series of strategic and tactical mistakes, and, in the process, attracted more than 900 million users.

Despite Facebook’s success and status as the world’s largest and, arguably, most powerful social network, there are dark clouds on the horizon as it prepares for a much-anticipated IPO.

With Facebook having to disclose its financial results, there are a growing number of analysts and investors scrutinizing the books to get a better handle on Facebook the business as opposed to Facebook the social network behemoth.

What they’re discovering is cracks in the armour. While Facebook continues to add more users, the business is not firing on all cylinders. First-quarter revenue was flat compared with the fourth-quarter, and there are growing concerns Facebook is having a difficult time monetizing its mobile operations.

There are also more focus on Zuckerberg, and whether he has the chops to be the CEO of a $4-billion business with a market cap of close to $100-billion. Unlike many young entrepreneurs who give up the reins to a more experienced executive, Zuckerberg has stuck around as the top gun, while maintaining his controlling stake.

As well, Facebook’s IPO roadshow is not going smoothly. According to The Next Web, Facebook shelved a 30-minute promotional video during a stop in Boston after it had been panned at a presentation in New York. Even more significant is that Zuckerberg was a no-show in Boston, leaving COO Sheryl Sandberg to meet with analysts and investors.

In many respects, it would be easy to suggest the good times are over for Facebook. As a publicly-traded company, every single move will be examined, poked and analyzed. It means Facebook will no longer by Zuckerberg’s personal sandbox because if he makes any mistakes, the stock could be savaged by fickle investors.

At the same time, Facebook will be under increasing pressure to maintain its financial growth. While more subscribers is obviously a positive thing, investors and analysts want to see higher revenue and profits. It explains why Facebook is scrambling to figure out how to better monetize its mobile operations, which included the staggering $1-billion purchase of Instagram.

As a publicly-traded company, it’s a whole new world for Facebook with new challenges and sky-high expectations. While the company has been a social media superstar, its success will be judged in an entirely new way.

After LinkedIn’s initial public offering stole headlines earlier this year, highlighted by a spike during first-day trading, it was clear that more social networks would entertain the idea of doing an IPO as well.

Among the most obvious if-not-when candidates is Facebook, which would reap all kinds of benefits beyond raising hundreds of millions or billions of dollars, making the stock more liquid and providing a clearer view about Facebook’s value.

There is obviously palpable excitement among Facebook employees, especially those who have been there the past three to four years, who own real stock options in the near future.

With Facebook having to comply with federal regulations and disclose their financials, it now makes going public an easier pill to swallow.

For the past year, many pundits have debated whether it was made sense for Facebook to go public. One of the main issues is will a wave of inflated IPOs force the bubble to blow too big; stirring fear of an inevitable burst.

This fear is overstated because it’s mostly based on leftover fear from the first dot-com bubble bursting. Putting this aside, there is another factor this issue that could prove to be significant.

A major and intriguing reason that an IPO could be a positive for Facebook is it will force the company to either groom Mark Zuckerberg to be a real executive, or force them to find one, or possibly promote COO Sheryl Steinberg to CEO.

Zuckerberg is a programming genius but as a CEO of a publicly-owned company he would have to open up, become more media friendly and savvy, and alter his personality. Steve Jobs might have been hard-headed, emotional and difficult but he had enough charisma for 100 executives.

Zuckerberg belongs more in the trenches than perched at the top. Even though he has proclaimed he is the CEO, his social skills might prove distasteful if he had to answer to shareholders on a regular basis.

As always, Zuckerberg’s ability to inspire confidence (or lack thereof) will be front and center.