I mean, is there really any reason to continue offering the service in Europe? I highly doubt the revenue is really worth the trouble.
His open stance and clear support or rebuke of various political figures and parties around the world is a clear indication of this.
Mind you, 120M USD is peanuts for Musk. If it were me, I'd just fine X 1.000.000.000.000.000.000.000 USD just because I want to retaliate against Trump's silliness. If you wanna play hardball, expect it back. But, but... freedom of bullshit. You can keep that, we can perfectly use freedom of speech on solid platforms instead.