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It's because having a large media company controlled by the CCP is obviously bad and their CEO was clearly lying when he testified about it.

That and after Congress had already concluded it was being run in a way bad for teens' mental health, TikTok put up a dialog on launch saying they'd get banned unless all their users called in about it, so all the teenagers with bad mental health called in and said they'd kill themselves without TikTok.

Pray tell, what do you think communism is?

Socialism is when the government does stuff. The more stuff it does, the more socialist it is. And when it does a real lot of stuff, that's communism.

banning competitors?

Destroying competitors is just about the most laissez faire capitalist thing imaginable.

They aren't banned. Their owner ByteDance is banned from owning them.

(TikTok is banned in China though, so it'd be fair if they were banned.)

Anyway, Chinese communism doesn't ban competitors.

This is because of ad revenue?

yes, tiktok is stealing all the ad revenue from facebook, twitter, google, etc.

Communism is where government owns the businesses. Businesses being in charge of govt. is called 'corporatocracy'.