Getting rid of section 230 would be catastrophic for social media and it's not something anyone, Trump included, actually wants. Basically they would either need to give up ALL attempts to moderate their content, turning them into /b/, or they would become massively liable. I imagine the result would be that places like ATPN would just shut down entirely while other companies would flee the country.
The issue isn't about spreading false information, it's that Twitter, Facebook, etc. could be held liable for defamation because they would be 'publishing' defamatory tweets. Today if I went around saying 'HomerJS is a sex offender' I could personally potentially be held liable for defaming you. Without section 230 Anandtech could be held liable for what I wrote. I doubt they're interested in that.