Elon does seem to be going overboard on the suspensions.
If you see the names of the reporters he has suspended and what they and their colleagues are saying about it, you'll note it's the same terminology used by conservative journalists when they were suspended by old twitter. The response of the currently suspended reporters when the conservatives were suspended was, "Twitter is a private company and can do what it wants."
At this point, I'm kinda hoping it's just a ruse to highlight the hypocrisy of these guys, and he'll quickly reinstate most of them (Olberman could be permabanned for all I care) with a, "How does it feel with the shoe on the other foot". Otherwise this is looking like Elon is being a bit irrational or is not admitting an algorithm error. JMO.