Abstract
More than ever, companies are tweeting, posting, blogging, and generally using social media networks to communicate with their consumers, employees, and other stakeholders. With the emergence of new social networks, companies are in the process of testing which network works best for them. Since consumers have different preferences and needs that make one social media platform more desirable than another, many companies use multiple platforms. This study empirically charts the current adoption of social media by Fortune 500 companies. The purpose of this study is to analyze which social media platforms are being used by major corporations and whether adoption differs by industry, firm size, and growth opportunity. Company financial information is examined to determine if there is a relationship between higher use of social media and superior financial performance.