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I believe because it’s a civil, not criminal, penalty? Good point, though. Perhaps the section naming ByteDance will be struck.

Does the US Constitution care about the rights of a foreign entity?

Yes, when within its jurisdiction. It'll use "citizens" where it does not, like voting. Tourists can't be summarily executed, for example.

There are US citizens who have already invested in the platform.

It passes muster unless and until five vote against it at the Supreme Court.