In a study by the University of Glasgow pubished in 2016, they found that social media use in adolescents at night showed that there was a correlation between anxiety, depression, self-esteem, and poor sleep.
While the study focused on adolescents, it is likely that this is generalizable to most age cohorts.
If you are reading this, it is likely it's past your bedtime. Stop being sleepbroke. Put your phone down and hit the hay.