

Yes, it is unfortunately becoming increasingly clear that even in the EU, billionaires and their companies are above the law. The legal situation should be clear here and there should be consequences - but there apparently aren’t any.
Unfortunately, this applies not only to Twitter, but to most US tech giants in particular, to meta, for example. I have already stopped counting the massive violations of the GDPR that meta and others are constantly committing, because nothing happens anyway. If anything, the fines are so low that violating the law brings these companies far more revenue than it costs them.
So unfortunately, the same major issue that brought the US to the brink of a straight up dictatorship also applies in Europe: even the most blatant violations of the law have no serious consequences for the richest of the rich – and that is why billionaires are becoming more and more powerful.
The situation may be better in the EU for now than in the US, whose legal system obviously no longer even maintains the appearance of fairness, but even in the EU, the enforcement of the law is miles away from anything that could even remotely be called justice.
The reason seems to me to be the same as in the US: concentration of power in a tiny billionaire class that asserts its influence through corruption.
I think that if things continue like this, and I see no indicators that they will not, it will not be long before even the appearance of justice is abandoned in the EU as well.
Edit: Here is an example of how this is possible - it’s just plain old corruption, but in the highest ranks of our institutions: From Meta to the EU Parliament: Former chief lobbyist negotiates data protection (German article)
Aura Salla was Meta’s chief lobbyist in Brussels for many years. Her task: to convince politicians to weaken EU digital rules such as data protection in order to generate even higher profits with Facebook, WhatsApp, and other platforms.

The situation will not change on its own, not unless the US population rises up. The US president may change, if there are still free elections at all, which I think is highly doubtful given the establishment of an obvious secret police force in the form of ICE (the budget of this “agency” is equivalent to the military spending of a medium-sized country).
Even under a new, less aggressive administration, however, the fundamental problem will not change: The US is exclusively concerned with itself and does not shy away from using its power to its advantage – this was already the case under Obama, for example, who was eloquent and likeable, but also pursued the usual neo-capitalist policy of exploitation; even under him, it was difficult to say that the US was an ally of Europe. The US may be entitled to this as the most powerful nation in the world. However, it is a dying world power and will soon be overtaken by China. This is entirely foreseeable, and as Europeans we should almost be grateful to Trump, because his insane policies make it obvious how the US feels about its “partners.” - I think he accelerated the decline of the US by at least 10 years as it stands.
But please don’t misunderstand: based on my socialization alone, I would prefer the US to China, but I am not naive. When it comes to autocracy, the difference between the US, Russia, and China is becoming increasingly small. So it seems to me that Europe needs to sell itself as expensively as possible in order to save democracy here - and I think China would be willing to accept the continued existence of democracy in Europe in return for Europe turning away from the US.
The US, on the other hand, can only be expected to follow its own line and continue to undermine democracy, which is what billionaires are already doing in the EU as well, by the way: In Europe, the same social media giants that are enabling right-wing extremist parties to win elections in the US are also highly relevant. They are quite successful in doing so here as well: one example is the neo-Nazi AfD party in Germany, which is the equivalent of MAGA and is hugely popular because it is massively supported by the same billionaires who made Trump big in the US.