This is basically what happened with early newspapers over a hundred years ago ... if you don't regulate the sources of daily / regular news information sources that the public consumes, eventually the information will be taken over by those people who will want to control and manipulate people for their own benefits or the benefit of a few people in power.
All social media is the new newspapers of this era and the main source of news information and the public's way of gathering information about the world on a daily, almost hourly basis now.
Governments have to regulate all social media in the same way that TV is regulated, or movies, or films, or newspapers
If there is no heavy handed regulation to control the main sources of information in our world and we allow billionaires to decide what is relevant and what is not ... or what is important and what is not .. then eventually all we will be fed is misinformation, propaganda and disinformation.
As it is now, because social media is not in the control of the public but instead in the hands of billionaires, the billionaires get to decide how our world thinks, how it acts and how it sees reality.
Whoever controls the information in our world today gets to have control over everything and everyone ... and right now, none of us have control over anything while a handful of billionaires control everything.