While campaigners against hate speech online reacted with dismay to the change, some advocates of free speech have welcomed the news.
The US free speech group Fire said: "Meta's announcement shows the marketplace of ideas in action. Its users want a social media platform that doesn't suppress political content or use top-down fact-checkers.
"These changes will hopefully result in less arbitrary moderation decisions and freer speech on Meta's platforms."
Speaking after the changes were announced, Trump told a news conference he was impressed by Mr Zuckerberg's decision and that Meta had "come a long way".
Asked whether Mr Zuckerberg was "directly responding" to threats Trump had made to him in the past, the incoming US president responded: "Probably."