I mean if Facebook losing %0.01 (or whatever it was) of it's users is enough to drop it's share price by 40%

I think that anything could pop this bubble at this point, people investing in these companies are expecting growth that isn't realistic imo

All these companies have hit their saturation point and are just fighting over the same shrinking pie at this point. Just look at how many social media sites have implemented tik tok functionality. That alone to me screams "too much capital and not enough growth"