09:02 AM EDT, 04/25/2024 (MT Newswires) -- (Updates with a response from TikTok in final paragraphs)

US President Joe Biden Wednesday signed legislation to block users in the US from accessing TikTok unless the parent company of the social media platform in China agrees to sell within the coming months.

The measure was included as part of a broader package providing financial assistance to Israel that cleared Congress in recent days. The legislation has no immediate impact on the video-sharing service.

In a statement shared with MT Newswires, TikTok vowed to challenge an "unconstitutional" ban in court. "We believe the facts and the law are clearly on our side, and we will ultimately prevail," the company said.

The company said it has spent billions of dollars to make certain that the data of US users remained safe and that the platform is free of outside manipulation. "This ban would devastate 7 million businesses and silence 170 million Americans," the company said.