With the exception of Facebook, it seems like most social media companies struggle to make a profit. After the founders' early liquidation event and proximity to wealth, it seems like they became political thot leaders which isn't really consistent with their original vision of the internet being a free/anonymous place to speak your mind.

I'd also blame the ad driven business model because it forces you to make decisions oriented toward the lowest common user - so you can get more eyeballs on ads. It's a race to the bottom both in terms of cost and in terms of the target user.

I'd suspect they're also overstaffed and unproductive and have a hard time making decisions beyond the color of the latest bike shed - which to be fair is normal.