“What they’re doing is tantamount to monopoly, to taking over the airwaves,” Trump said. “Can’t let it happen. Or else we’re not gonna have a democracy.”

On Wednesday, however, the D.C. Circuit Court of Appeals handed Twitter and other tech giants an early win on the issue, finding that in the absence of state action, there can be no First Amendment violation.  The court also did not find a Sherman Antitrust Violation, even though the plaintiffs alleged that big tech was conspiring to advance a left-wing agenda.

The president teased the executive order Thursday morning, saying: “This will be a Big Day for Social Media and FAIRNESS!”

Fox News is told that, separately, the administration is working on a commission to look at alleged anti-conservative bias among big social media platforms.

Meanwhile, Republicans were waging a broad, all-out war against what they perceive as pervasive Silicon Valley bias. Several Republican lawmakers suggested on Thursday they will soon take action against Reddit, saying the influential Internet message board systematically singled out, censored, and destroyed a once-popular pro-Trump “subreddit,” or subforum, known as “r/The_Donald.”

And, Vox reported on Wednesday that big tech billionares are fighting back against Republican efforts, in part because of Joe Biden’s struggling operation. The outlet said LinkedIn founder Reid Hoffman, Facebook co-founder Dustin Moskovitz, Laurene Powell Jobs, and ex-Google CEO Eric Schmidt were leading the charge — sometimes upsetting Democratic operatives, who had wanted to run their own operation.

This is a breaking story. Check back soon for updates. Fox News’ John Roberts and Brooke Singman contributed to this report.