I think the dirty secret is that social media is both an incredibly vital part of people's lives and businesses, but it's free and ad revenue doesn't really make anyone the crazy profits their valuations suggest it should. That it's happening all at once is I think partly attributable to financial tightening -- higher interest rates mean people have less patience with money they've floated, partly that Twitter going weird gave everyone else cover to do the same, and my personal opinion, the Writer's Strike gives a little room for the companies to do dumb shit without having to worry about getting roasted on late night.