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Most Americans favor restrictions on false information, violent content online
(www.pewresearch.org)
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Not really, or at least not intentionally. They push content for engagement, and that's engaging content. It works the same for vote based systems like Reddit and Lemmy too, people upvote ragebait and misinformation all the time. We like to blame "the algorithm" because as a mysterious evil black box, but it's really just human nature.
I don't see how breaking them up would stop misinformation, because no tech company (or government frankly) actually wants to be the one to decide what's misinformation. Facebook and Google have actually lobbied for local governments to start regulating social media content, but nobody will touch it, because as soon as you start regulating content you'll have everyone screaming about "muh free speech" immediately.