Unregulated social media platforms are inversely related to advertising revenue. 4Chan struggles to sell ad space while Facebook and YouTube generate a shit ton of ad revenue.
The reality is that Twitter makes money through ads and no other social media platform has found another way to monetize their platform using a different strategy.
As long as Twitter makes its money through ads, it has to be a place where companies feel comfortable placing ads. If Elon wants to ramp down its moderation and expose more risky content, they should expect some companies to pull out.
Just a few days ago Elon shared a wild and cartoonishly ridiculous conspiracy theory about Paul Pelosi. Advertisers don’t want their brands next to and associated with that sort of content. That’s advertising 101.
This is the free market at play, it's only business.