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Of course.

If Zuck wanted to, he could sway any world election by at least 3%-5% without sacrificing plausible deniability. Larry & Sergey truly wanted to, they could do even more.

Naval Ravikant has spoken about this topic.

tl;dr: the net and facebook in particular favors content that provokes fear and irrationality, including stoking fear with fake news. This will usually favor the populist/right-wing candidate. Here's the thing: the real issues are scarier than any fake news. Climate change, rising inequality, healthcare, populism/alt-right/post-truth and a lunatic in the oval office. If a democratic candidate can't translate these issues into fear and loathing that will sweep the majority, then it's on them. They just need to stop trying to be likable and start playing by the facebook rules. Then they can actually make good use of it and win.