Seems counter productive to the President's intent. If platforms can be held liable for user posts, that will give them a strong incentive to remove anything at all that might even come close to giving them legal liability. So sure, maybe changing the law (or asking the FCC to reinterpret its strictures) would "get back" at the companies President Trump thinks are doing something wrong to him, but the net results would be severe limitations on what he could say on all platforms.
The President can call a press conference at any moment that will get coverage from pretty much every national media outlet, especially any outlet likely to be frequented by his supporters. Presidents will never be without a method to communicate with their supporters.
The idea is that it would be impossible for Twitter to remove every single Tweet that's libelous, threatening, etc., and so the only way to avoid being sued is to not remove _anything_. That ends up being a policy that is favorable to people who want to spread disinformation.
It would probably results in a mass exodus of discussion on the internet as every single platform from Twitter to niche forums on obscure topics suddenly were not allowed to perform any sort of moderation without incurring legal liability. Thus the decision to abandon the discussion venue or watch it descent into something resembling the toxic cesspools seen in places like 8chan.
