They only need to sell the US portion of the business. They can continue to operate everywhere else, right? Why would they throw away tens of billions of dollars (value of the US portion)?
The CCP does not care about the marketcap of bytedance, they care about the soft power that tiktok allows them to wield. The CEO of bytedance may want to sell, but the CCP won't let them.
In US those are essentially equivellent as money buys soft power very easily. This whole thing is US not wanting to expand user rights but protect it's soft power and it shows.
I think either way this whole thing is a big W for CCP and L to US democracy that doesn't have the balls to actually expand regulation when it's clearly wanted and needed.
They would lose soft power in the US but what if the CCP accepts this and shifts their tactics to slowly but surely flood the rest of the world with anti-US propaganda? Unfortunately, it really doesn't look like the US could win here.