Strong disagree. If Facebook tried this against anyone with a moderate following there would be a Tortious interference and/or fraud lawsuit filed _immediately_.
When Trump's twitter account was deleted by a rogue employee for all of 10 minutes, Twitter most definitely did not just sit back and say "We reserve the right to terminate your account at any time".
> it's a privately owned company
I know this is going to sound pedantic, but this is wrong. Facebook is a publicly-owned company.