The "moderation" of the site is one issue. A big and a very difficult one to maneuver for the reasons you mentioned. Being a moderator on this site, I told my wife back when the purchase was happening and listening to what he was saying and I told her "he thinks he knows what he is doing about moderating content, but he doesn't." She said of course he does. We'll see, was my response. Again, as you mentioned, there is a line to drawn and it will always not fit everyone - i.e. do you allow porn, and by extension, what is considered porn, etc. Are you okay with deciding what is porn and what isn't on Twitter/X for yourself? Turns out he wanted to give a voice to his views and it's his expensive toy, so he can. And his views have split devotion of him along political lines.
I've said it in this thread (probably more than once) that I really bought into him being a visionary and bright man. Well, he's peeled back his own curtain and I now find him to be quite the opposite. He would have been better off being more private and mysterious instead of revealing how childish and spoiled he is. Hell, even being a little odd or quirky, is fine and I'd still look up to him. But he wields a lot of power because if his wealth he can be very dangerous. Look how he can toy with Starlink and influence a war on the other side of the globe.
Twitter was a much better product before he took over. It would never be perfect and always fluid in sorting out the moderation of it, but he canned a huge staff that was working to the closest area of free speech vs. misinformation, bots, and hate. And so now, advertisers have left in droves and is largely non-political because if it moves the needle, advertisers would place media with them. They left because they don't want their ads parked next to the unfiltered hate and such as their brand and image is on the line.