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If this law prompts Twitter to allow Trump back onto their platform, that could save Elon from the backlash he would face by implementing that change himself.

More likely, though, Twitter will be careful to phrase its moderation decisions in terms "harm to the election process / pandemic response" rather than allowing conspiracy theories to be given legitimacy as "political opinions" that need to be protected in the public square.

It's unlikely that Trump would rejoin Twitter too soon, since he has recently said that he won't do so. (https://www.foxnews.com/politics/trump-will-not-return-to-tw...)
Or he could have phrased it this way: "I didn't want to be invited to your dumb party anyway!"