That does not follow at all. Perhaps they simply don't want to spin off a future competitor, and decide that selling simply isn't worth that future risk.
That would be delusional, since TikTok's success is due to first-mover advantage due to network effects, not any hard to replicate technology or other real moat. They can imagine otherwise but that is just stroking their own egos.
They were the first popular short-form algorithmic addictive feed app. Anyone can make one now (YT Shorts, Insta Reels, etc), there's no secret sauce anymore like there may have been years ago. But TikTok stays number one because they were number one -- network effects.
If they disappear, a new competitor takes over and is just as strong as they were. All the value is in the niche, not the occupant of the niche. It really would be like they're giving it away instead of at least collecting a few billion cash for it. It would be monumentally stupid. They'd get the future competitor just as much whether they sell or not.
