I'm sure that I just missed it, or was ignorant: why would anyone treat Twitter as an authoritative news source? And why are we trying to regulate it as such?

I'm sure that I just missed it, or was ignorant: why would anyone treat Twitter as an authoritative news source? And why are we trying to regulate it as such? Does that mean that any website can be treated by similar standards? Like if I write "Joe Biden didn't steal the election from Trump. He stole it from Michael Jackson" - am I making HN a fake-news website? If not, why not? What's the difference compared to writing the same on Twitter? Once again, I might have missed the answer, I stopped clicking on Musk articles some time ago (not primarily because of his person).