hmm.. they are profit driven but it's not their main objective. It's to collect data and spy on the users people so when the government wants the data they get paid.
Twitter and X were never profitable. Many of the social media companies aren't making money. They play the fiat game. Keep borrowing and expand.
The social media experience has gone down because people are waking up to the fact that Facebook is being used to spy on you and cancel you when you say something they don't like.