01:04 PM EDT, 04/24/2024 (MT Newswires) -- US President Joe Biden on Wednesday signed into law a bill that would force China-based ByteDance to either sell TikTok or face a US ban for the short-video app.

The bill passed the Senate late Tuesday in a 79-18 vote. The legislation includes aid for Ukraine, Israel and Taiwan.

TikTok called the law "unconstitutional" and vowed to challenge it in court. "We believe the facts and the law are clearly on our side, and we will ultimately prevail," the company said in a Wednesday post on social media network X. "This ban would devastate seven million businesses and silence 170 million Americans."

In case ByteDance is forced to sell TikTok, Microsoft ( MSFT ) and Oracle (ORCL) are expected to be the likely buyers given their past interest in the asset, Wedbush Securities said in a Tuesday note. "A number of private equity and consortiums would also clearly put together bids for this asset with Former Treasury Secretary Steven Mnuchin among many that have shown early interest for this key asset," analysts, including Daniel Ives, wrote.

Should TikTok exit the US, Facebook parent Meta Platforms ( META ) is likely to be the primary recipient of redistributed TikTok revenue, with Alphabet's (GOOG, GOOGL) Google ( GOOG ) also seen as a beneficiary, according to the note.

"The broader worry is retaliation from China could come from this forced sale/ban of TikTok and add more pressure for regulatory and geopolitical headwinds US companies face in particular for Apple ( AAPL ) and Tesla (TSLA) among others within mainland China," Wedbush said.

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