It allows US POTUS to force American companies not to serve content that POTUS says is 1) under foreign control and 2) a national security concern.
Note that (1) can be satisfied by POTUS simply saying the company is under the influence of foreign entities.
I.e., there is nothing in the law or the ruling that prevents POTUS from saying “Bluesky is under China’s influence” and banning it.
It allows US POTUS to force American companies not to serve content that POTUS says is 1) under foreign control and 2) a national security concern.
Note that (1) can be satisfied by POTUS simply saying the company is under the influence of foreign entities.
I.e., there is nothing in the law or the ruling that prevents POTUS from saying “Bluesky is under China’s influence” and banning it.