Twitter’s decision to flag one of President Trump’s tweets with a fact-check has set a precedent for how social media companies can and should respond to false information published by accounts with significant audience reach. Twitter CEO Jack Dorsey, to his credit, took responsibility for the decision.

It’s important to call out that Twitter’s decision should not be cast in the context of freedom of speech. The rules are and have always been different for private companies, particularly those with terms of service (ToS), as XKCD so eloquently points out. To some extent, the issues that are now playing out for the platforms are self-inflicted given the historically slow and inconsistent enforcement of ToS across all users, including public figures.

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