In times of crisis such as the COVID-19 pandemic, citizens need to stay informed about recent political events. To this end, people increasingly use social media. However, because social media are particularly engaging, many find it hard to disconnect, especially during times of crisis. In this preregistered study, I investigate whether using social media for COVID-19 related reasons affects psychological well-being. Using data from the Austrian Corona Panel Project consisting of 3,485 participants from 34 waves, this research question was analyzed using random effects within between models, controlling for several stable and varying confounders. The results showed that COVID-19 related social media use did not meaningfully reduce well-being. Other factors such as health, income, exercise, or internal locus of control showed larger and meaningful effects.