I actually feel like we have a good balance in place. The part people keep forgetting is private business isn't the government. Any of us can go outside of a government building and start screaming pretty much whatever we like at the government. When you step foot on private property, whether that property be online or physical, those same rules don't apply. The safeguard for this has always been money. If a business wants to play stupid games then they win stupid prizes.
As for Elon, Trump and Twitter allowing foreign governments or even being paid by foreign governments to push their agenda is where I have a problem. I think we are seeing collusion between the Kremlin and the far right. To me that is not a matter of free speech when foreign influence and financial transactions start taking place. So far the links are akin to a ring of fire around the main players with a ton of smoke but I think most can see exactly what is happening. It can't be by chance the Kremlin and these groups keep showing up in the same room and dancing.
Twitter has been different than things in the past. It appears Elon is willing to tank the value of Twitter, chase off all the advertisers and crater Tesla in exchange to dictate policy and politics. When the funding to that is being linked back to enemies of the state, I have a problem with that and question where the line in the sand the Justice Department has a problem with it.
To further complicate things, Elon has positioned himself in a position of need for the government with SpaceX. I have no doubt that the US Government and military view SpaceX as a huge opportunity which is likely allowing him to have a lot more rope. It's really easy to see Elon as the egotistical maniac he is, he is not attempting to hide it. This is all going to blow up at some point. Elon can't help himself and if competition comes along to compete with SpaceX it will likely end in spectacular fashion. Until then, he's going to eventually have to answer to investors of Twitter and Tesla while the government tries to keep him contained. Both companies are in prime position for a full out crash.