>I don't think it's a good idea for the US government to dictate (or attempt to dictate) specific deals and specific terms for those deals.

The US government is mandating the transaction happening in the first place, so of course there is going to be government input into the terms. Look at the forced sale of Bayer's US division during WW1. Or, the government requiring very specific actions by GM in return for the 2009 bailout.

>It looks like this massively undervalues TikTok's US operations

Valuation is an art, not a science.

It's a sale required by law, so it's not surprising that the terms are lower than what may be achievable through a public auction. Also, the details of the transaction matter; much of TikTok's value is in the algorithm, and how and whether that is transferred is unclear. But I'm not going to complain about American buyers paying less than they might otherwise.

>meaning the current administration is essentially gifting tens of billions to a friendly oligarch.

"Oligarch" = rich guy you don't like

You should look up the definition of oligarch, think about it a bit, and see if you can't relate it to the power structures at play here.