I personally don't think so. I think language always undergoes changes, for example words that were considered negative a century ago are totally acceptable today and the other way round (supernatural, disease compared to, e.g. sexuality, identity).
The language used in social media is just the next level, the next necessary development before it's going to be used up and another change will occur.
Just take language (and especially the written word) from any remote epoch and you will find out that some people were really upset with the "new" style of language the younger writers used to speak and write in, while others just went with it and accepted, even adapted to it.
I don't think the richness is being destroyed either. The old masterpieces are still availale today and will be it for a long time.