There are innumerable problems with the SEC’s enforcement division: the level of very questionable insider dealing for at least the last 12 months would, in “normal” times have been hit like a thunderbolt.
Twat’s compliance or otherwise with filing statements is relatively minor. The real matter to be addressed is how all social media behaves. While private businesses are (mostly) beyond the ambit of 1A, there are (at least as a legal theory to be developed) grounds for arguing that the SM behemoths are crypto agencies of government. Where did their technology originate? Who financed them? On whose instructions are their coordinated takedowns of conservative voices actioned? Who has been getting their data?
These are legitimate matters for investigation and could, if pursued without bias, uncover what we know to be true: they were/are originated, financed, and operated for the benefit of intelligence agencies. Whether discovery would uncover the dark dealing (National Security Letters?) remains to be seen, but RICO and 1A actions are certainly possible. Then again, a few major public exposés of what they’ve really been up to could crater them far more quickly…