In a way this is brilliant from ByteDance. Sell for the most money to a company that will never grow or operate tiktok in a way that can threaten you outside the US.
If you read the latest statement from Microsoft of how they'd have made sure to implement all the latest "privacy" features for TikTok, it's actually a really great news that ByteDance knows better.
What was the most visible outcome of Microsoft's takeover of GitHub? Some software engineers who happen to live in a wrong peninsula in Europe had their GitHub accounts shutdown with no advance notice and no recourse. So much for the rule of law and for social coding!
I think it's great that people from all over the world have a choice of who to give their data to. If there'd be a worldwide antitrust body, US would already be in trouble! Remember when China blocked Twitter and whatever else? Yeah, aren't we the China now?!