The Twitter Files have revealed or confirmed three important truths about social media and the deep state. First, the entire concept of “content moderation” is a euphemism for censorship by social media companies that falsely claim to be neutral and unbiased. To the extent they exercise a virtual monopoly on public discourse in the digital era, we should stop thinking of them as private companies that can “do whatever they want,” as libertarians are fond of saying. The companies’ content moderation policies are at best a flimsy justification for banning or blocking whatever their executives do not like. At worst, they provide cover for a policy of pervasive government censorship.