One of the hottest topics over the last 7 days has been Facebook’s initial public offering (or IPO for all you shorthand fans), more specifically the disappointment that has resulted from its poor showing.

Today, as stated in a Reuters article, Facebook shares were sitting at $31.97, down more than $10 from their close on Friday, the first day their shares were offered.

While the trend of a social media stock falling after its initial offering is not uncommon, the more surprising piece was how little the value of FB stock increased after the IPO – just over three dollars. Immediately, pundits pointed out a number of issues, including the preceding day’s announcement by GM that it would not renew its ad campaign with the social media giant and, more simply, that the opening price of $38 was well over what it should have been.

Regardless of the cause, the effect on Facebook is that the company is hardly the teflon-coated juggernaut we thought it was. Facebook has managed to evade lawsuits, challenge from Google+ and even privacy concerns; but now, when dollars and cents are being invested in the company, and it’s no longer just Mark Zuckerberg’s pocketbook that is being used, there are serious concerns about the future of the onetime Harvard-based social networking application.

It remains to be seen whether the IPO will truly be Facebook’s “jumping the shark” moment, but the company should now prepare itself for a dogfight. More public attention means that the company will be under more scrutiny, and its past issues (especially the aforementioned privacy concerns) could come to light once again; and with the sharp increase in popularity of Pinterest and other social media competition, Facebook could soon be unseated from its reign in online networking.