The First Amendment applies to both individuals and companies, which is why social media platforms have a right to restrict harmful speech that could hurt their business — such as Nazi or terrorist propaganda. This is also a nonissue, as several new platforms have emerged specifically meant to support the right-wing ecosystem. Twitter, too, has not only become X but also a safe haven for far-right figures. No government should be allowed to dictate how certain platforms curate their websites.
The issue at hand has to do with being a common carrier versus a publisher. While common carriers such as telecommunications companies have no control over what their customers say over the phone, they're also not liable for what is said. Publishers — like newspapers — have complete control over what content they promote, but they can also be sued for liability. Big Tech has enjoyed the luxury of both for years, and all Texas and Florida are asking is for them to pick one.