ByteDance, TikTok’s Chinese parent firm, denied a report Thursday that it is exploring a sale of the social media platform, responding to media speculation after President Joe Biden signed a bill threatening to ban the popular app unless Bytedance divests its ownership.

Key Facts

“Foreign media reports that ByteDance is exploring the sale of TikTok are untrue,” ByteDance said late Thursday on Toutiao, its news platform.

The post was in response to a report by The Information, a screenshot of which was included with the phrase “false rumor” stamped across.

The post is ByteDance’s first public comment since Biden signed a bill Wednesday ordering the company to sell TikTok.

In the U.S., the social media platform issued a statement on Wednesday saying it will legally challenge the “unconstitutional ban.”

Key Background

On Wednesday, President Joe Biden signed legislation that gives ByteDance just nine months to sell TikTok. The deadline may be extended by three months if sale negotiations are ongoing. If the Chinese firm fails to divest its ownership, the popular social media app will be banned in the U.S. The House passed the legislation on Saturday and the Senate on Tuesday with lawmakers from both parties deeming TikTok a threat to national security. TikTok, however, has repeatedly dismissed these allegations and has said the Chinese government had no control over the platform.

This is a developing story.