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I don't like or use TikTok, but when I see US politicians and TV "Security experts" spiting nonsense arguments to justify banning it shows to me that this is a frivolous case to benefit META and Alphabet rather than a genuine concern in data collection and privacy.
No one gives a shit if your data is collected. I (and presumably you) are not worthwhile targets. The issue is the Chinese government using social media apps based in China to feed anti-US/pro-Chinese propaganda. I'd bet $100 that if (mostly likely when) China invades Taiwan all Chinese owned social media outlets will instantly feature lots of anti-Taiwan content in every country that they may turn for help to try and turn the US population's opinion more favorable to China's side.
This has already happened in douyin, Chinese version of tiktok.