The issue is that facebook and twitter have derailed from their earlier stated mission of connecting people and facilitating communication. Their goal as public businesses is making money from advertising, anything else is just feeding into that. This kind of misalignment of goals results in end users experience suffering. A thing like a social network is part of the fundamental fabric of the internet As a result the organization running this infrastructure should have very clear goals. It doesn't have to be a non-profit, but the goal should not be to generate 30% growth and billions in profits. The goal should be to make it easier for people to communicate.
Given the decrease in the cost of computing, there is no reason that it should cost billions of $ to run an infrastructure like facebook. What we need is a linux for the internet. Fundamental infrastructures like social network and search engine being run by entities with no hidden agendas! It will happen!