Social media is vastly used nowadays. It is not only used just for social, it is also being used for business, advertising, as a customer relation management tool, global exposures, as an online meeting space, for entertainment purposes, educational purposes, fund raising, online shopping space, a space where people can get feedback about things, places, services, experience and food. The usage of social media is unlimited.
THIS. A lot of people I know earn money through Facebook. With millions of users on it, it is inevitable that it is going to be abused by a lot of people. Friends spend hours, perhaps the majority of their day online on Facebook because something is always new. There's always a post / article / news to read, new photos to see, new memes to laugh about, new videos to watch. But yes, Facebook has to find a way to filter fake news and propaganda because it is directly affecting the lives of people and even entire countries.