TikTok -- Who Owns It, Who Controls It, Who Protects It: On March 29, according to international media reports, private equity company Blackstone is reviewing acquiring a stake in TikTok US business unit. Blackstone is discussing with ByteDance existing non-Chinese shareholders to separate the TikTok US business unit into a new entity and reduce the Chinese side stake below 20%. TikTok is the only Chinese-developed global SNS platform that threatened the market share of existing US platforms including YouTube, Instagram, and Snapchat. The US has repeatedly pushed TikTok bans from the Trump administration era to protect the domestic technology ecosystem and suppress Chinese technology expansion, with bipartisan security threat consensus forming. The divestiture structure: the proposed Blackstone deal would create a new US-incorporated entity owning TikTok US operations; Chinese-origin shareholders would retain less than 20%; a US-based board and leadership team would control operations; the algorithm and technology licensing arrangement with ByteDance is the unresolved question -- the US government wants to ensure Chinese-controlled algorithm cannot be used for information operations. The fundamental dilemma: TikTok value comes largely from ByteDance recommendation algorithm, which ByteDance will not fully transfer; a TikTok without ByteDance algorithm is potentially a significantly less engaging product; the ownership change may satisfy legal requirements without addressing the underlying security concerns that motivated the legislation.