"I have given the deal my blessing. If they get it done that's OK, too, if they don't that's fine, too," Trump said on Saturday.
The Commerce Department said it would delay the ban on U.S. downloads of the app until September 27, but could be delayed or removed if the deal goes through.
Oracle said it would have a 12.5% stake in a new entity called TikTok Global. Oracle plans to provide secure cloud service data for the app.
"We are a hundred percent confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok's American users, and users throughout the world," Oracle Chief Executive Safra Catz said in a statement.
Walmart said it would have 7.5% of TikTok Global and expects to provide services related to e-commerce, fulfillment, and payment for the new company.
"In addition, we would work toward an initial public offering of the company in the United States within the next year to bring even more ownership to American citizens," Walmart said. "This partnership will provide Walmart with an important way for us to expand our reach."
ByteDance Ltd., TikTok's current owner, would retain 80% ownership. About 40% of ByteDance is currently owned by U.S. investors. This deal would result in a majority American ownership.