The ban was cancelled by trump thanks to him, this has been an issue that the US government has been deliberating on for over a year. They said TikTok is a national security risk due to how it's been used to by fraudsters to scam US citizens. Apart from the fact that it also helps people get entertained people make money off it, it's not as complicated as a channel like YouTube and so on, that's why people are now taking advantage of it. It was surprising to see that a lot of the citizens of the US protested against the ban, this means that they are gaining a lot from it.
The tik-tok ban had to be cancelled in public interest as i don't think that USA can ban tik-tok which the American citizens are widely using it. According to the sources, around 113 million people ins USA uses tik-tok. I do not think the authorities could have insisted on this ban for long and thankfully it was settled quickly.
This is not their only reason, they say tiktok is a personal security threat because China may access their citizens’ data.
Well, how about Elon Musk accessing the users data through X (twitter) and Mark Zuckerberg getting access and manipulating the data he gets from facebook. There is no privacy once you publish your details and information on these social media.