As written there are several problems with your theory:
A) The bill is about transfer of user information, not investment in a company.
B) Saudi Arabia owns a small, non controlling interest in Twitter/x
C) Saudi Arabia is not on the list of foreign adversary countries
So you’d have a hard time making that ‘strong’ argument.
We are trying to get away from Saudi influence and control so much that we look the other way while we pump poison into our water. So much so that the Simpson's even have an episode devoted to it where Marge exclaims, "the water is on fire!"
So you’d have a hard time making that ‘strong’ argument.