Social media platforms connect billions, but their business models often amplify societal harm through misinformation, which is linked to polarization, violence, and declining mental health. Current governance frameworks, such as the U.S. Section 230 and the EU Digital Services Act, delegate content moderation to corporations. This creates structural conflicts of interest because misinformation drives engagement, and engagement drives profit. We propose a public utility model for social media governance that prioritizes the public good over commercial incentives. Integrating legislated content removal with democratic content moderation, the model protects free expression while mitigating societal harms. It frames social media as sovereign digital infrastructure governed through democratic oversight, transparent algorithms, and institutional safeguards.

翻译：社交媒体平台连接数十亿用户，但其商业模式常通过虚假信息放大社会危害，这些危害与极化、暴力及心理健康恶化相关联。现行治理框架（如美国《通信规范法》第230条和欧盟《数字服务法》）将内容审核权委托给企业。由于虚假信息能提升用户参与度，而参与度直接驱动利润增长，这造成了结构性利益冲突。我们提出一种社交媒体治理的公共事业模型，该模型将公共利益置于商业激励之上。通过立法内容移除与民主内容审核机制的结合，该模型能在保护言论自由的同时减轻社会危害。它将社交媒体定位为主权数字基础设施，通过民主监督、算法透明化和制度性保障进行治理。