I can paraphrase it easily enough - trans women are not women. That's the transphobic bit.
If trans women are women, what are we allowed to call the group of people who have a clitoris, vagina and uterus?
Why is is okay to co-opt a word that has been used for hundreds of years to mean this group of people? A group of people who don't all agree to it's change. Why is it now okay to say that the-people-previously-known-as-women aren't allowed to maintain and defend their identify?