> Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
https://constitution.congress.gov/constitution/amendment-1/
From what I understand, the executive branch generally uses the power of persuasion to influence media. There's no legal consequences for failing to comply; but instead the media has to weigh political consequences.
To put it differently, if your social network is used to push conspiracy theories and otherwise undermine democracy, you're going to have a tough time asking for political favors.