No, you're right he didn't do anything wrong and that is the point about private business. What he did do was trash his own claims about bringing about a new age of transparency and anti-censorship to Twitter, singlehandedly banning reporters and detractors like the authoritarian he was born under. He's taking all the actions that Twitter's content moderation board previously reviewed and voted on as a group himself, a fulltime job that's taken away his oversight of other businesses which are rapidly devaluing.