President Trump is planning to sign an executive order pertaining to social media companies on Thursday, according to the White House.
White House Press Secretary Kayleigh McEnany told reporters late Wednesday that Trump will sign the order on Thursday, but did not give any details about what the order entails.
Trump has been feuding with Twitter (TWTR) - Get Report this week over the company's decision to fact-check earlier tweets from Trump's account which baselessly claimed that mail-in voting will lead to mass fraud and illegal activity. Trump has also been pushing a debunked conspiracy theory involving a high-profile media critic, Joe Scarborough of MSNBC, in recent days.
Following the fact-check, Trump threatened to take "big action" against Twitter, also suggesting he could "strongly regulate" the company or "close them down."
It's unclear what specific powers Trump would have to regulate individual social media companies, but both Trump and GOP lawmakers have also complained of what they view as censorship or unfair treatment by social platforms such as Twitter and Facebook (FB) - Get Report.
With more than 80 million followers, Trump's Twitter account is among the most-followed on the site. The President's tendency to amplify conspiracy theories and other problematic content has also frequently drawn controversy.
Twitter generally leaves posts by world leaders intact, except under very specific circumstances. However, the company said this week that it is "accelerating" efforts to expand guidelines for false and misleading posts related to COVID-19 to other problematic content, such as conspiracy theories.
Twitter shares are up 2% year to date, and Facebook shares are up 9%.