TikTok's time in the United States may have come to an end.

The social networking platform said it plans to shut down in the United States on January 19 unless the Supreme Court can strike down or delay a law aimed at forcing ByteDance - the Chinese-owned parent company behind the app - to sell it to an American buyer, according to the Associated Press.

Last year, President Joe Biden signed legislation to remove TikTok from US apps if ByteDance cannot sell TikTok to a US company by January 19.

The legislation came amid concerns that China could use TikTok to spy on US residents.

In response, TikTok urgently filed an injunction to stop the ban from going into effect, arguing that it violates the First Amendment and will generate "substantial losses."

The Supreme Court is scheduled to hear oral arguments on Jan. 10 on whether or not the law should be enforced. 

Meanwhile, several entrepreneurs have launched a bid to buy TikTok, including Kevin O'Leary, a Canadian politician and businessman.

“This isn't just about the US buying TikTok assets,” he wrote in a Jan. 6 message to X. “It's about something much bigger: protecting the privacy of 170 million US users ".

O'Leary continued, "It's about empowering creators and small businesses. And it's about building a platform that prioritizes PEOPLE over algorithms. TikTok has tremendous potential, not just as a tool for creators, but as a driver of significant economic and social impact."

However, O'Leary said he will likely need help from President-elect Donald Trump, who will be inaugurated on January 20.

"Trump is going to be the one we have to work with to close the deal in the coming months," he explained during a Jan. 6 appearance for The Wrap. "So I wanted to let him know — as well as others in his cabinet — that we're doing this and we're going to need their help."

But ByteDance has previously said that TikTok is not for sale.

"ByteDance has no plans to sell TikTok," the company shared in an April statement, adding that rumors of a sale were "untrue."

Source: Associated Press

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