There are sensible FCC-regulated limits on cross-ownership by a single entity of a newspaper and television or radio broadcast station operating in the same local market. Social media companies that have overwhelming national coverage like Twitter and Facebook/Instagram should be subjected to similar regulation, unless their lobbyists/PACs are more powerful than the old media ever were, or they get displaced by the next new toy first.
I’d like to think Musk will mitigate pressure for regulation by having a truly non-partisan approach to governance. Kind of like the moderation we have here (cough, cough) ha ha.