TikTok stopped working for its 170 million US users late on Saturday before a law shutting it down on national security grounds took effect on Sunday.
US officials had warned that under Chinese parent company ByteDance, there was a risk of US citizens' data being misused.
Trump said he would "extend the period of time before the law's prohibitions take effect, so that we can make a deal to protect our national security".
"I would like the United States to have a 50 per cent ownership position in a joint venture. By doing this, we save TikTok, keep it in good hands and allow it to (stay) up," he wrote on Truth Social.
— Trump War Room (@TrumpWarRoom) pic.twitter.com/6V2tz7G2gBJanuary 19, 2025
Trump said the executive order would specify there would be no liability for any company that helped keep TikTok from going dark before his order.
Trump had earlier said he would most likely give TikTok a 90-day reprieve from the ban after he takes office, a promise TikTok cited in a notice posted to users on the app.
"A law banning TikTok has been enacted in the US. Unfortunately, that means you can't use TikTok for now. We are fortunate that President Trump has indicated that he will work with us on a solution to reinstate TikTok once he takes office. Please stay tuned," a message notified users of TikTok, which disappeared from Apple and Google app stores late on Saturday.
Even if temporary, the unprecedented shutdown of TikTok is set to have a wide-ranging impact on US-China relations, US politics, the social media marketplace and millions of people in the United States who depend on the app economically and culturally.
The US has never banned a major social media platform.
The law passed overwhelmingly by Congress gives the incoming Trump administration sweeping authority to ban or seek the sale of other Chinese-owned apps.
Other apps owned by ByteDance, including video editing app CapCut and lifestyle social app Lemon8, were also offline and unavailable in US app stores as of late Saturday.
It was not clear if any US users could still access the app but it was no longer working for many users, and people seeking to access it through a web application were met with the same message that TikTok was no longer working.
Under the law passed last year and upheld on Friday by a unanimous US Supreme Court, the platform had until Sunday to cut ties with its China-based parent or shut down its US operation to resolve concerns it poses a threat to national security.
Privately held ByteDance is about 60 per cent owned by institutional investors such as BlackRock and General Atlantic while its founders and employees own 20 per cent each.
It has more than 7000 employees in the US.
