STORY: Republicans and Democrats also raised numerous concerns about its potential to threaten U.S. national security by sharing its data with the Chinese government.

When asked if its Chinese owners would divest if instructed by the U.S. Treasury, TikTok CEO Shou Zi Chew responded, "it's not about the ownership," adding, " American social companies don't have a good track record with data privacy and user security. I mean, look at FaceBook and Cambridge Analytica."

TikTok has said it has spent more than $1.5 billion on what it calls rigorous data security efforts under the name "Project Texas" that currently has nearly 1,500 full-time employees and is contracted with Oracle Corp to store TikTok’s U.S. user data. It also says it strictly screens content that could harm children.