Although TikTok called the law unconstitutional and said it violates the First Amendment rights of its 170 million users, a three-judge panel on the appeals court rejected that argument and said in an opinion that the law “is narrowly tailored to protect national security.” TikTok warned that one month of a U.S. ban would result in U.S. small businesses and social media creators losing $1.3 billion in sales and earnings. President-elect Donald Trump has not publicly stated whether he plans to enforce the effective TikTok ban when he officially takes office on Jan. 20. Trump tried to push through a ban in his first administration, but his rhetoric on TikTok began to turn after the president-elect met in February with billionaire Jeff Yass, a Republican megadonor and a major investor in the Chinese-owned social media app. Yass’ trading firm Susquehanna International Group owns a 15% stake in ByteDance, while Yass maintains a 7% stake in the company, equating to about $21 billion, NBC and CNBC reported in March. That month it was also reported that Yass was a part owner of the business that merged with the parent company of Trump’s Truth Social . Google declined CNBC’s request for comment. Apple didn’t respond to requests for comment. A TikTok spokesperson reiterated the company’s plan to take the case to the Supreme Court, “which has an established historical record of protecting Americans’ right to free speech.”