As a matter of law, Facebook need offer no explanation whatsoever for its content decisions, and need apply no consistent criteria. It has a First Amendment right to publish what it wants, just like The New York Times. Yet it adopts content moderation criteria, and subjects its decisions to review by the Oversight Board—not to forestall government regulation, which would almost certainly be declared unconstitutional, but to reassure its audience that it is adhering to a reasonable open access policy. It is certainly true that Elon Musk has made X much less desirable as a forum than Twitter, but as a result he’s lost audience share and advertising revenue. He’s being punished for his lack of legitimacy. Through perceptions of legitimacy, the market, in a sense, rewards good content moderation and punishes bad moderation.