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TikTok offered an extraordinary deal. The U.S. government took a pass.
(www.washingtonpost.com)
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this post was submitted on 30 May 2024
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The US has basically always had some level of federal control over some private property, beginning with construction of the National Road in 1806. "Principles of capitalism and private property" as you describe it here is a much newer ideology popularized by Reagan in the 80s that's still a libertarian fever dream much more representative of the US Republican party rather than "the West."
No doubt, but it is the rhetoric of today. But this is still yet different than control of limited physical resources. It's a company who built a product. It's clear nationalism over principles.