If you agree with the second formulation, who do you think ought to be in charge of deciding who the idiots are? Surely Mark Zuckerberg would not be your first choice.
Maybe there is a third option: no free speech for anyone, all speech must be moderated for lies and misinformation. Is that what you want? In that case, who gets to decide what is true and what is not? Surely Zuckerberg wouldn't be your first choice for that either, right? And what should happen when Facebook blocks "misinformation" that turns out to actually be truthful?
Those who want Facebook to regulate "misinformation" and gatekeep who (and what) is allowed on the site need to admit that they don't actually believe in free speech -- they believe in limited speech regulated by corporations.