01:49 PM EST, 01/17/2025 (MT Newswires) -- The US Supreme Court on Friday upheld a law that would force China-based ByteDance to either sell TikTok by Sunday or face a US ban for the short-video app.

US President Joe Biden signed the bill into law in April amid national security concerns due to TikTok's connections to China. TikTok at the time called the law "unconstitutional" and vowed to challenge it in court. Last month, a US appeals court denied TikTok's petition to overturn the law.

"There is no doubt that, for more than 170 million Americans, TikTok offers a distinctive and expansive outlet for expression, means of engagement, and source of community," the Supreme Court said in a Friday filing. "But Congress has determined that divestiture is necessary to address its well-supported national security concerns regarding TikTok's data collection practices and relationship with a foreign adversary."

Truist Securities said its base case is for US President-elect Donald Trump to try and save TikTok temporarily as he negotiates with ByteDance and the Chinese government.

"The Supreme Court decision was expected, and everyone must respect it," Trump said in a post on his social media platform Truth Social. "My decision on TikTok will be made in the not too distant future, but I must have time to review the situation."

Trump is scheduled to take office Monday.

In an earlier Friday post on Truth Social, Trump said he and Chinese President Xi Jinping discussed TikTok and other subjects on a call. "The call was a very good one for both China and the USA," Trump wrote. "It is my expectation that we will solve many problems together, and starting immediately."

"On behalf of everyone at TikTok and all our users across the country, I want to thank (Trump) for his commitment to work with us to find a solution that keeps TikTok available in the (US)," TikTok Chief Executive Shou Chew said in a video message posted on the platform.

However, if Trump decides against intervening and TikTok goes down in the US on Sunday, Truist sees Meta Platforms' ( META ) Instagram befitting the most, followed by Alphabet's (GOOG, GOOGL) YouTube ( GOOG ) and Snapchat parent Snap (SNAP).

"We note that a number of Chinese social apps, especially Rednote and Lemon8, are also seeing material benefit as they've been ranked #1 and #2 most downloaded social apps across Apple ( AAPL ) and Google ( GOOG ) app stores in the last week," Truist analyst Youssef Squali said in a Friday note to clients.

Separately, Morgan Stanley said that TikTok could be a "strong strategic fit" for Amazon.com ( AMZN ) , as the e-commerce giant has been attempting to build a social shopping experience and ad network for years.

"Any potential purchaser of TikTok would be taking on risk, and we would argue that (Amazon ( AMZN )) would have one of the highest probabilities to maintain/grow TikTok," the brokerage said in a note e-mailed Friday. While TikTok's potentially "lofty" price tag is expected to limit the number of viable bidders, Amazon's ( AMZN ) strong balance sheet could allow it to eye such an acquisition, according to Morgan Stanley.

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