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.
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."
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.
Lawyers for the video-sharing app are likely to say the executive order was unconstitutional, arguing the company was not informed, as is standard, and the national-security concerns are baseless.
The president also issued an executive order aimed at cutting ties between the U.S. and the owner of the popular Chinese communications and social media app WeChat.
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.
In its first public acknowledgement of a deal that could be worth in the billions of dollars, Microsoft said it is continuing talks with TikTok about a potential takeover of the hugely popular app.
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.
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.
Some Indians became known TikTok personalities and even earned money and gifts for their content. The government banned the app as tensions flare with China.
