You do realize that Rupert Murdoch was forced to become a US citizen because of the same laws that are in question about US media ownership.
Social media is 100% the media. Social media has freedom of speech. Businesses don't have freedom of ownership, including media business. Kinda fucky, but this is very long standing law.
As for social media - it's an advertising platform. The algorithm is deciding what you see based on what sells ads. Who is exercising free speech there? Tiktok and Meta are exercising corporate speech in the name of profit making. They have no right to host such a platform, and the government certainly has the right to regulate it if they do have one.
The government can't compel Meta, Tiktok or individual users to say X, Y, or Z, they can declare the ads-based algorithmic-content business model illegal or subject it to strict regulation - especially when its in the furtherance of free speech, like preventing Facebook from deplatforming people for having the wrong opinions that advertisers don't like.
How can the first amendment be interpreted so broadly that large multinational corporations financially supporting politicians is considered free speech, yet so narrowly that social media isn't part of the media?