but they won't sell the algorithm that determines what data is collected and what's in your news feed.

Congress won't approve unless Trump and Musk threaten them with primaries over this... Trump might be on board with that but President Musk will not be unless he is the buyer.

data for what 25 years or more?

that protects the privacy of every American.

The difference between China doing it and billionaires doing is that the billionaires are mining it to make money ( and perhaps to hold it over anyone that might have power to control or restrict those billionaires ) and China that will use the gathered information to control politics in the USA. ( well, that's sort of the same, but I suspect China will be more nefarious in intent ).

Both billionaires and Foreign governments ( China, Russia, Israel, Iran, etc ) will use platforms ( whether owned by them or not ) to shape the news feeds and stories you see.

Microsoft Windows comes with a little app that hides in the lower right ( for me ) of the control panel which will bring up "headlines" popup... but if you skim the stories, a lot of them of from Fox or other far right "news" sites. The slant is quite apparent. This is what ALL apps that are "main stream aka popular that promote "news" are slanting to the far right. So far, Bluesky and DU and few others are actually left leaning or even middle.

...another will pop up in days to take it's place.

Frankly I find TikTok to be parasitic to civilization and dumbing down the general public. The vast majority of these so-called influencers should probably, I don't know....get a fuckin' real job!