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Legislation targeting #TikTok specifically sounds very dodgy to me.
Sure TikTok harvests data and can manipulate its users, but so do Facebook and Google.
It's probably impossible to write general legislation that bans unethical data collection that would target only TikTok, but not US tech giants.
Combined with the "solution" to sell ownership, the whole thing sounds like: "spying and manipulation is bad, when it's not US doing it".