The deadline for a sale is set for January 19, 2025.NurPhotoByteDance would rather close down TikTok in the US than sell it, Reuters reported, citing four unnamed sources.President Joe Biden recently signed into law legislation that could see TikTok banned in the US.ByteDance has nine months to a year to divest itself of the company under the legislation.ByteDance, the Chinese parent company of TikTok, would rather close down TikTok in the US than sell it if legal means to fight a proposed US ban fail, Reuters reported, citing four unnamed sources.A sale is unlikely as the algorithms powering the short-video app are key to ByteDance's overall operations, the sources told Reuters, also noting that TikTok made up only a small part of the company's total revenues and active users.Closing down the app would, therefore, limit the impact on ByteDance's business and allow it to retain control of its algorithm, they said.President Joe Biden recently signed into law legislation that would see TikTok banned in the US unless ByteDance divests itself of the app over the next nine months to a year.The move stems from fears among US lawmakers that China could use the app for surveillance activities and to gather data on US citizens.TikTok's CEO, Shou Zi Chew, said he was confident the company would win the legal challenge, however."We are confident and we will keep fighting for your rights in the courts," he said.