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The literal Fair Game notice was/is a Scientology term; L. Ron Hubbard would declare someone "fair game", and this meant "use any and all means to ruin this person" (frivolous lawsuits, slander, illegal spying and leaking to tabloids, framing for crimes...).
There seems to be something akin to a Fair Game notice (though presumably not with that exact name) in place against Elon Musk following his purchase of Twitter (and gutting of its censorship bureau); loads of different federal agencies have done things to screw over unrelated Musk businesses (the one I recall off the top of my head is the FCC retracting the rural-Internet grant to Starlink, on the basis that it hadn't met the target yet, despite the target not being due for another couple of years; there's a dissent from that order which lists a bunch of others, though I don't know all the details, as well as noting that Biden was fairly open about this). My understanding is that this is half of the reason Musk's star has been waning recently (the other half being that Twitter isn't his sort of business and it's distracting him).
As noted, due to Twitter being among other things a news service, this is in direct opposition to freedom of the press (as well as impartial justice). You can plausibly argue that this is significantly worse than Watergate due to the sheer scale of the corrupt operation (the Sedition Act was still worse, but that was 225 years ago). But, uh, this seems to have not been a huge scandal, which has disturbing implications about the USA.
Has Musk's star been waning? The Starship booster landing the other day was probably the technological achievement of my lifetime.
His nominal net worth was less in early 2024 than it was when he bought Twitter; it's somewhat more now, but it's still nothing compared to the ridiculous rate at which it grew before that.
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His star has been waning, in that his image is under attack.
His achievements have been waxing, and this incongruence is part of the dirty political tricks we're complaining about.
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