There are a lot of things the owners of social media companies CAN do, but if they act like Russian oligarchs and just steal, steal and steal some more, then this type of "12-century pirate" behavior will not go unnoticed by users.
If a large group feels that Elon (and Zuck et al) is being unfair then it's quick jump off the ship. I still post a few things on X, but I don't use it like I did previously and a lot of it is due to Elon acting like an angry, drunken child.
Personally, I think if Elon keeps this up then X/Twitter is going to join MySpace and Geocities in oblivion within 5 years.