Social Media Systems such as Facebook, Instagram, and Twitter (i.e., X) are exploding. These systems need proper governance so that the users are safe and post accurate information. This paper focuses on social media governance with an emphasis on Artificial Intelligence. First, we discuss various aspects of governance of such policies, procedures and risk and then address a key topic which is detecting fake news on social media. In order for the users to be safe using social media we have to ensure that the governance aspects also include fake news detection. Many of the fake news detection techniques utilize Machine Learning (ML) and Artificial Intelligence (AI) and more recently Generative AI (GenAI) techniques. Therefore, the AI systems that implement the various techniques have to be trustworthy. That means these systems have to be secure as well as ensure fairness, privacy and integrity. Therefore, the paper will also discuss AI Governance as an integral part of Social Media Governance. Finally, to support the various applications and frameworks, both data and the cloud are critical. Large amounts of data are stored and managed by the social media systems as well as used to train the AI models. Furthermore, we need massive amounts of computing power that can be provided by the cloud. Therefore, we will also discuss data and cloud governance that provides the infrastructure for social media and AI governance.