Just a lazy, late-August summer day ahead a three-day weekend. And the worst day yet for Facebook on Wall Street.  As of this writing, shares of FB are grovelling above $18, based on continued investor skepticism over Facebook’s flimsy model.

This is now a huge problem for Spotify, which is now effectively married to a company with serious monetization, valuation, and long-term survival questions.  Indeed, it seems that Facebook is dragging down everyone, but Spotify has almost irreversibly structured its application around Facebook logins and sharing functionality.

Perhaps the more insidious tie-ins are financially oriented.  Spotify gives lip service to subscriber gains and profitability, but all of that is speculative at best.  The real bonanzas here have little to do with actual profitability, and everything to do with frothy IPOs and ridiculous acquisition multiples.  This is classic Silicon Valley-meets-Wall Street gamesmanship, which is exactly the reason why investors like Goldman Sachs are at the table in the first place.

The question is whether a Facebook-hitched tech company will ever float again.  Souring analyst sentiment, corrosive insider trading, executive departures, and a looming leadership crisis spell serious trouble, which means Spotify’s grandiose IPO and liquidation plans are also in serious trouble.

Facebook is plunging for a reason, though respectable companies sometimes have crappy stocks.  The deeper question is whether Facebook is even around when we all grow up.  I’m not sure anyone really knows the answer to that question. [DigitalMusicNews]