Abstract: Whether social media platforms increase well-being can be explored from multiple angles. Three empirical studies raise corresponding puzzles, with implications for valuation, choice, and well-being in general. The first finds that people are willing to pay far less to use social media platforms than they would demand to stop using them. The second finds that people lose welfare from using Facebook, and that Facebook users become more anxious and depressed, but that even after experiencing a good month without Facebook, they would demand a significant amount of money to stop using the platform for an additional month. The third finds that while many people would demand a significant amount of money to stop using Instagram and Tik Tok, they would also be willing to pay to eliminate Instagram and Tik Tok from their community. Each of the three puzzles has a plausible solution, but we do not yet know the ground truth. A reasonable conclusion is that people would demand a lot of money to be excluded from social media networks, which suggests that inclusion confers significant benefits, contingent on their existence – but that if social media networks did not exist, many users would be better off. This conclusion has broad implications; it suggests that people often spend time or money on goods whose existence they deplore. The three puzzles offer broad lessons for choice and welfare, and for how to think about their relationship.