Interestingly enought, one could remove 'tech giants' and replace it with 'Seattle Public Schools' and hold similar arguments. At least the former can be avoided voluntarily, while the latter is far more difficult to do so.
This is like suing a Tavern, or someone's house, or maybe a church for the social conflicts it may contain, but also could be voluntarily avoided. Maybe sue telecommunications companies too for further allowing access to bullying.
What's next? Sue candy and soda companies for making people fat and harming self-esteem?
I understand there are very sensitive people, and mainly among the youth. I think it's more important that parents and family recognize these dangers and prepare their childern on how to better handle these conflicts in any given setting.
Suing social media will not resolve the problem without dampering freedom of speech, and it will like still exist since there is no definition on what is ok to say and what is not. So who makes those rules? All this is is a money grab by SPS. They are having some economic short comings they are dealing with
Talk to your kids and let them know the dangers of bullying, and follow up with them and make sure they are hearing you.