Why the Florida and Texas Social Media Laws Violate the Takings Clause

Yesterday, the US Court of Appeals for the Fifth Circuit upheld Texas' law banning major social media websites from using most forms of content moderation. The decision is at odds with a recent Eleventh Circuit ruling striking down Florida's similar law (written by prominent conservative Trump appointee Judge Kevin Newsom). In May, the Supreme Court signaled that at least five justices believe the law to be unconstitutional, when it overturned a previous Fifth Circuit ruling lifting a trial court injunction against implementation of the Texas law.  For reasons I summarized here, I agree with the Eleventh Circuit's...