The bigger question is what will happen if Bytedance refuse. Banning Tiktok will lose Biden votes just ahead of the election.
There are many legal blocks too. From the article:
"It is unclear whether China would approve any sale or if TikTok's U.S. assets could be divested in six months.
If ByteDance failed to do so, app stores operated by Apple (AAPL.O), opens new tab, Alphabet's (GOOGL.O), opens new tab Google and others could not legally offer TikTok or provide web hosting services to ByteDance-controlled applications.
In 2020, then-President Donald Trump sought to ban TikTok and Chinese-owned WeChat but was blocked by the courts. In recent days he had raised concerns about a ban. It remains unclear if Tencent's (0700.HK), opens new tab WeChat or other high-profile Chinese-owned apps could face a ban under the legislation.
Any forced TikTok divestment from the U.S. would almost certainly face legal challenges, which the company would need to file within 165 days of the bill being signed by the president.
There are still potential legal issues with the American Civil Liberties Union and other advocacy groups arguing the bill is unconstitutional on free speech and other grounds.
In November, a U.S. judge blocked a Montana state ban on TikTok use after the company sued."