A lot of control
Facebook’s decisions can fundamentally alter the speech ecosystem in a nation. The company does not only end up governing individuals; it ends up governing governments, too. The norms Facebook or its court choose for their pseudo-constitution will apply everywhere, and though the company will strive for sensitivity to local context and concerns, those norms will affect how the whole world talks to one another.
That’s a lot of control. […] Democracy, at least in theory, allows us to change things we do not like. We can vote out legislators who pass policy we disagree with, or who fail to pass policy at all. We cannot vote out Facebook.
Facebook has declared sovereignty, by Molly Roberts, Washington Post, 31 January 2019