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This study investigates whether the market recognizes the financial significance of socially impactful corporate actions. We analyze data showing reactions on social networking sites (SNSs) to ESG news in the United States since 2010. Our results reveal that attention-grabbing ESG information on SNSs contains information that has a strong relationship with corporate value. The event study demonstrates that stock returns exhibit a statistically significant response to financially material ESG events that garner substantial attention on SNS. While our findings do not offer definitive evidence regarding ESG events that are socially significant but not directly related to value, we note significant market responses to positive and non-material events in certain instances. This pattern is more pronounced in companies with limited ESG disclosures. Moreover, our regression analysis suggests that although the link between materiality and stock returns is moderate, the association with SNS reactions is substantial. This indicates that the market perceives SNS reactions to ESG events as informative regarding corporate value.