Uh Oh! Facebook still isn’t delivering on the demand the company and its underwriters were hoping for. In fact, It’s currently selling for more than 13% below its $38 per share target price. That’s right, you can own a piece of social networking history for somewhere in the neighborhood of $25, depending on when you buy. Starting first thing this morning, . It has been fluctuating throughout the morning, but the general trend is a downward spiral.

If you remember back to Friday, things were already off to an abysmal start when Nasdaq suffered a communication problem and wasn’t sending accurate information to big bank trading desks. This was followed by less than satisfactory trading performance by the IPO’s underwriters. Prices barely reached $45 per share and, as many had predicted, the market closed right around the initial $38 per share price.

What does this mean for Facebook’s over $100+ billion valuation? Well, it’s too early to say. They need to get the demand for those shares back up. The best thing the company can do right now is concentrate on attracting clients to their advertising platform and work on refining their mobile strategy. Just before Friday’s IPO, General Motors pulled all of their advertising from Facebook, claiming that the ad space didn’t deliver.

So it’s safe to say that Facebook’s much anticipated IPO is off to a really poor start. Stock prices are headed downward, the Nasdaq screwed up communication during the opening moments, and GM says the ad space just isn’t worth the money. Oh yes, and now the Securities and Exchange Commission is investigating the entire matter. Tomorrow is another day, but right now, things don’t look so good. Check back for frequent updates on the Facebook IPO.