[AnthonyMouse]

Now you're getting into the details of the potential retaliation when that isn't really the point.

If a company is discriminating on the basis of race and government officials tell them to stop, there is no constitutional problem there, even if it comes with an implied threat of enforcement or new legislation, because passing a law against discrimination on the basis of race is not a constitutional violation. The government can directly punish that behavior so there is no problem to indirectly or implicitly punish it.

If a company is allowing protected speech the government doesn't like and government officials tell them to stop, that's different. Because it would be unconstitutional for them to pass a law saying the same thing. And there are many other ways the government can punish a business, e.g. by breaking them up. So the implied threat is, censor or we'll break you up, or mess with Section 230, or some other thing you won't like. It's coercing them to do the thing the government isn't allowed to coerce them to do, under threat of adverse regulation that the same government could withdraw in response to compliance.

What the adverse regulation is doesn't matter. It doesn't even have to be specified. The problem is the direction to do something the government isn't allowed to make them do.