Of course, that won't stop Trump from issuing whatever sort of 'Executive Order' that he's threatening to do tomorrow which will "reign in the social media industry". I suspect that his 'order' will be along the lines of 'declaring' that social media companies are not exempt from being sued for libel and slander. Of course, that 'order' won't be worth the paper that Trump's 'sharpie' signature will appear on as only the courts can make that determination and precedent has already been established through many cases ruled-on by the Supreme Court starting in 1974, with 'Gertz v. Robert Welch, Inc.', right up to 2014 when the Federal Courts ruled the bloggers have the same 1st Amendment rights as does the press. The courts position is that in order for a statement to be libelous or slander, that the plaintiff must prove negligence, which is a VERY high bar to clear, particularly when the subject of the libel or slander claims is a 'public figure', and by more than 100 years of legal precedent, anyone holding public office, elected or otherwise, is, by definition, a 'public figure'.
Trump will make some grand statement, claiming that Section II of the Constitution gives him the power and the right to do whatever he plans to cover in his 'executive order', but it will be nothing more than another 'shiny object' to detract the media away from what's really happening in the country at the moment.