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It took him what, a day to issue an executive order on social media companies after Twitter rolled out their fact checking widget?

It really puts the speed of the administration's response to COVID into perspective.

This will be toothless. The federal executive has to regulatory power around social media whatsoever, as far as I know, so this is going to be something along the lines of “hereby directs the secretary of commerce to produce a report on social media censorship”

It will do nothing and produce nothing.

I'm not sure about that, I think whatever it winds up being will trigger a legal battle. This administration doesn't typically move so quickly unless it aims to achieve something material.
Maybe he should just stop using Twitter.
This is little more than wanting conservative speech affirmative action. Very un-american.
I will only say that censorship is pretty similar to dictatorship.