Despite a surging amount of research on value co-creation in the social media context, research on how value co-creation and value co-destruction coexist from a system perspective remains scarce. This conceptual research aims to understand how social media allows for value to be co-created and/or co-destroyed in interconnected social networks. The study takes a first step toward integrating the two value processes in the social media context and opens up new research possibilities. By looking at value co-creation, we differentiate between values that are created from both firm and customer sides and show the value can be destructed if without cautions. From a managerial standpoint, the proposed framework could facilitate managers to build a more holistic view of creating social media value through collaboration with their social media users.