How would it be moderated and by whom?

That would be easier to answer if we had a list of companies that can afford to buy it (that's a short list) and also willing to buy it (an even shorter list).

I don’t necessarily think forcing them to sell to another entity will fix the problems

Sure - it obviously depends who buys it. Elon Musk, for example, would probably be a bad steward.

But what about Alphabet? That might not be so bad. As a fan of YouTube, I'd love to see the "shorts" feature killed off and all that content moved to a separate service where I can go the rest of my life without ever seeing a short repeating video.

Whoever buys it, it the US can force TikTok to be sold once, they can do it again if the buyer proves to also be problematic.