No, the plan was to funnel people into an app that could be better controlled. It was supposed to be a Meta app, but people flocked to Rednote instead. The rich aren't dumb, they're just out of touch. Meta lowered a lot of it's content restrictions and policies a few weeks ago, and it looks like it was in preparation for the inevitable TikTok shutdown. Then the Rednote Pilgrimage Protest (that's what I'm calling it) happened, and the rich realized they can't do anything about that one. That no matter what, the American people are stubborn and fickle.
So Trump now gets to make these statements, and claim he saved TikTok! Hooray! Except now the US will now have a controlling interest in TikTok if Bytedance decides to do that 50% shared interest. What most likely happened is the US has been making threats, and Bytedance tried to call their bluff, and it failed. They shut TikTok off, and Bytedance saw numbers plummet. You want those numbers back up for revenue and engagement? Let us control part of it.
All Trump did was extend the deadline for the ban. TikTok isn't truly back, and it likely won't be the same if it does come back, because it'll be infested with the extreme right wing propaganda.