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Trump also said he's been advised "there is no legal path" for the U.S. to keep a cut of whatever TikTok deal the government approves, an idea he had earlier floated.
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Oracle says it's ready to be a "trusted technology provider" for the hit video-sharing app. A bid for TikTok's U.S. operations by tech giant Microsoft has been rejected.
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Walmart cited a potential boost from TikTok to its online presence, including the giant retailer's efforts to grow online advertising and a marketplace for third-party sellers.
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Mayer, who was on the job as TikTok's chief executive for three months, said while it is the right time for him to step down a "resolution" for the company will happen "very soon."
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The White House has targeted the Chinese-owned app with an executive order that would effectively ban it from operating in the U.S. Lawyers for TikTok say the president's action is unconstitutional.
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The social network's new Reels feature on Instagram is launching as TikTok faces scrutiny in Washington over its Chinese ownership.
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A lawsuit alleging that TikTok collects and sends American users' data to China could cost the company hundreds of millions of dollars. TikTok denies the allegations.
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TikTok CEO Kevin Mayer attacked the social media network on the same day Facebook CEO Mark Zuckerberg will testify before Congress. Mayer also committed to making TikTok's algorithm public.
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The White House is considering a number of economic sanctions to cut off the hugely popular Chinese-owned app from U.S. users over national security concerns.
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There's a growing narrative highlighting K-pop fans' political progressiveness. But the reality is far more complicated.