A U.S. federal appeals court on Friday upheld a law President Joe Biden signed in April that requires the Chinese-based company, ByteDance, to sell its popular app TikTok in the U.S. by Jan. 19, 2025, or face a ban.

The president could approve a one-time extension of up to 90 days for the sale if ByteDance is making progress toward finding a buyer.

The ruling could still be appealed to a full appeals court panel or the U.S. Supreme Court, according to Reuters.

Incoming President Donald Trump, who takes office next month, has vowed to "save" the social media app, which has about 170 million users.

TikTok’s parent company, ByteDance, was founded by Chinese entrepreneurs, according to the platform's website. 

"ByteDance is a privately-held global company, roughly 60% is owned by global institutional investors including BlackRock, 20% by the company’s founders and 20% by employees," reads a page on the website.

The platform also states it is "not owned or controlled by any government or state-controlled entity."