In the past decade, social media has undergone a rapid transformation from being a mere tool for personal connection to a powerful force that shapes public opinion, influences politics, and impacts societies on a global scale. With this transformation have come numerous controversies, ethical dilemmas, and issues that have put social media companies under the spotlight. In this essay, we will delve into the recent issues faced by two prominent social media companies, Facebook (now Meta Platforms, Inc.) and Twitter, which have transpired within the last five years. Specifically, we will discuss the issues that these companies faced, their implications, and examine how society should respond to social media corporations. Additionally, we will explore the question of whether the government should intervene in regulating social media applications.