The social media ecosystem has been dominated by a handful of tech companies, shaping the flow of information and limiting innovation. The dangers have never been clearer. Their algorithms decide which content is sourced and indexed, which posts rank higher in newsfeeds, which topics will be trending or censored. This power should come with great responsibility. Meanwhile, very large online platforms stick to a reckless business model, optimising their recommender systems for short-term user engagement and advertiser value. This design choice has been criticised by civil society and independent researchers because engagement-based ranking disproportionately amplifies low-quality, misleading and sensational content. Can social media platforms deliver long-term user value and support pluralism? How to make design choices that affect our fundamental rights, civic discourse and public health more responsible? The panel will discuss strategies for transforming a closed social media ecosystem into an open market, benefiting consumers/citizens, ethical innovators and publishers.