This is all wildly illegal. Trump has no authority to simply ignore a law passed by Congress. The law does have a provision for a 90-day extension, but only if TikTok's owners have found a buyer—which they patently haven't. In fact, they've been vocal in their refusal to even consider it.
And then there's the dealmaker-in-chief's suggestion that the federal government buy a 50% share in TikTok. I'm at a loss for words here. He thinks the United States—CEO: Donald Trump—should own the most popular social media app on the planet? And be in control of content moderation? Maybe the government should nationalize a bunch of other pesky media sites while it's at it? The mind boggles.