I can tell you two good and bad effects.
Good Effects:
1. Infornation - It does help people gather information based on the these social media. Informations from once you knew and sometimes talk to the, in short they are making people closer to each other.
2. Government - It helps the government by spreading the news of a certain law or new subects about government, people participate in a idea gathering when needed by the government. They can also judge the performance and what is happening in the government.
Bad Effects:
1. Information - Saying that it gives informations, stalkers originated from them. They want to know something from a person they do not know. This cases are very popular these days.
2. Government - Social media is a powerful way to make an official government a murderer or a criminal. Someone can post or tell anybody that Senator A kill someone and there will be a rumor until everybody is confuconfusionbout the matter.
Social Media indeed is a powerful tool these days.
Social media here in the Philippines they use to make fake news