A company in Hungary starts manufacturing cars. They become wildly popular in the US. Everyone and their aunt is driving one. Then the US demands a sale for national security reasons. Does that sound reasonable? Instead, you address whatever the security gap is (data privacy, scanning for backdoors, data residency, etc) and enforce compliance.
In the case of social media, that would be mandatory tagging of paid content, advertisements, political ads (or prohibition of), along with measures to slow down/limit the dissemination of information so no single person can sway public opinion with the wave of a hand (cough cough X). In many countries, influencers are now subject to advertising rules, as it should be. At some point we'll need to get a grasp on how to do the same for news/opinion pieces.
Just dropping the whole thing into 'more reliable hands' without changing any of the rules of the game accomplishes very little.