The fact that 3 billion people (from a quick Google search) are now using social media means that the goal posts have changed. 3 billion people are using the services of private companies to make their voices publicly heard. They think that they are exercising their right to freedom of speech by using something so accessible and ubiquitous. As accessible as public squares used to be.
To turn around and say "sorry, social media might be really easy to use and might be the primary form of communication for most people in the first world, but private companies should be able to control that" is very disingenuous.
The reason this is so tricky is that there is simply no historical precedent for this level of hyperconnectivity. But I certainly reject the idea of using the old laws of public vs. private companies to dictate how we as a society use the publicly accessible and readable internet.