The bill basically says, "if the president thinks a foreign government controls an app that could be bad, he can ban it."
Section im referring to:
"(2) a social media company that is controlled by a foreign adversary country and determined by the President to present a significant threat to national security"
Actual law:
DIVISION H-- PROTECTING AMERICANS FROM FOREIGN ADVERSARY CONTROLLED APPLICATIONS ACT
Protecting Americans from Foreign Adversary Controlled Applications Act
(Sec. 2) This division prohibits distributing, maintaining, updating, or providing internet hosting services for a foreign adversary controlled application (e.g., TikTok). However, the prohibition does not apply to a covered application that executes a qualified divestiture as determined by the President.
Under the division, a foreign adversary controlled application is an application directly or indirectly operated by (1) ByteDance, Ltd., TikTok, their subsidiaries, successors, related entities they control, or entities controlled by a foreign adversary country; or (2) a social media company that is controlled by a foreign adversary country and determined by the President to present a significant threat to national security. (Here, a social media company excludes any website or application primarily used to post product reviews, business reviews, or travel information and reviews.)
Sidenote: I'm fairly certain that means the law would not allow the President to ban a social media site run via activity pub and hosted by the people, because it is not controlled by a foreign government.