I think Jack Dorsey gets it and didn’t want to ban Jones and wants twitter to be a "town square" but ultimately succumbed to the pressure. Jones is a vile person but this is one of those brave new world issues we need to tackle. He was blacklisted by all of the major tech companies at the same time, that should make anyone take pause. Are they private companies and can do what they want? Yes. But there’s a much larger question of what is free speech in the digital age. What are social media companies and what are their boundaries.
That "at the same time" was when it became apparent that Jones had committed intentional and harmful defamation of non-public persons as the law is currently interpreted. Those persons he defamed have a suit against him which is likely to be successful.
These are private companies, and this was strictly a business decision.
Funny thing about all this is that Facebook and Twitter both greatly expanded free speech over what it what was like before. You're crazy if you think otherwise. Or too young to know better. And what Jones did is their boundary. And given that it involved viciously defaming the parents of murdered children (for years) and inciting violence to millions of people, I'd say it's way way out there.