A series of articles by the Wall Street Journal called "The Facebook files" reveals disturbing facts. The series of articles shows that the company investigated in an orderly manner and knew about various harmful social effects it creates, but hid the data and silenced employees who tried to warn them. So the answer is yes!

Topics include issues such as negative effects on girls' body image on Instagram, research that Facebook has tried to downplay, or the deliberate display of polarizing and violent content (like a beheaded body) in countries where there is great ethnic tension, including deliberate use of violent groups on social networks. 

Legislators on Capitol Hill have long been dissatisfied with the evasive answers of the company and its seniors about the power it holds. Especially how it actually affects society in the United States, in a wide range of issues including possible psychological damage and negative effects on children.