Facebook in particular, and social media in general, is an excellent example of making short-term decisions ultimately leading to your doom.
FB of course started as a way for college kids to follow each other and see what's going on. Then rather than a chronological feed we got the newsfeed. This was hugely controversial, actually. Apparently ~10% of the user base threatened to quit over it [1].
But why did they do it? Because it increased engagement. And every social media platform since has followed the newsfeed model.
But the big thing (IMHO) that led to FB's destruction was sharing links. I bet this too increased engagement but it ultimately leads to your feed being flooded with your weird uncle posting conspiracy theories.
All social media platforms have moved away from this idea of following your friends and family. They're all now a way of disseminating "news" and following celebrities. How social groups keep in touch now is group chats.
I firmly believe this recommendation model is headed for a reckoning with governments around the world. We have the Meta trial going on now, the EU investigating platforms for addictive practices (where is this same smoke for sports betting and crypto gambling I wonder?) and so on.
In the US, this comes back to Section 230, a law established in the 1990s that created legal cover for user generated content because it shielded platforms from legal liability as long as they met certain requirements (eg moderation, legal takedowns). The alternative is to be a publisher (eg a newspaper) who are responsible for their content.
I believe that the algorithmic newsfeed has created a way to let social media platforms act as publishers but enjoy thei protections of being a platform.
Let me put it this way: if, for example, you as a publisher make endless posts about the evils of Cuba, how is that different from having user-generated content where you promote anti-Cuba content and suppress pro-Cuba content? In my opinion, it isn't, functionally. This will ultimately come to a head.
Anyway, back to Facebook, I know some still use groups but really who uses FB anymore? For awhile, Meta had the golden goose with IG but even that seems to be in decline. Twitter has declined way from its peak and was never mainstream. Snapchat enjoyed a very young audience for ephemeral messaging. I have no idea what the current state is. It seems like Tiktok is the only platform still enjoying growth.
[1]: https://www.fastcompany.com/4018352/facebooks-news-feed-just...