Abstract: To examine executives' strategic use of social media, we exploit a natural experiment: the staggered adoption of digital paywalls by local media outlets, which exogenously reduces the accessibility of firm-related information in traditional media. Leveraging a staggered difference-in-differences (DiD) research design, we find that executives from local firms affected by digital paywalls significantly increase their social media posting activities relative to unaffected non-local firms. This result provides robust evidence that executives intentionally utilize social media as an additional information channel in response to accessibility constraints on traditional media. Furthermore, posts by executives from paywall-affected firms attract heightened public attention and exhibit intensified impression management tactics. At the firm level, we document that executives' social media activities effectively alleviate information asymmetry before paywall adoption; however, this beneficial effect weakens significantly once traditional media accessibility declines. Finally, we identify two important contingencies moderating these effects: the extent of pre-existing local media coverage and the proportion of negative local media coverage prior to paywall adoption.