Social media platform TikTok says it is restoring service to its 170 million users in the U.S., thanking President-elect Donald Trump for his intervention.

In a statement on Sunday, the social media platform, which was banned by a law promulgated by the U.S. Congress based on national security, said it is resuming operations in the U.S.

“In agreement with our service providers, TikTok is in the process of restoring service,” TikTok said, thanking Mr Trump for “providing the necessary clarity and assurance to our service providers that they will face no penalties (for) providing TikTok to over 170 million Americans and allowing over 7 million small businesses to thrive.”

Earlier on Sunday, Mr Trump said he will restore TikTok operations in the U.S. through an executive order once he takes office on Monday, adding that he wants America to hold 50 per cent ownership of the social media platform.

“I’m asking companies not to let TikTok stay dark! I will issue an executive order on Monday to extend the period of time before the law’s prohibitions take effect, so that we can make a deal to protect our national security,” Mr Trump said in a statement on Truth Social.

Mr Trump, however, insisted that the U.S. should have 50 per cent ownership of the social media platform.

“I would like the United States to have a 50% ownership position in a joint venture. By doing this, we save TikTok, keep it in good hands, and allow it to stay up. Without U.S. approval, there is no TikTok. With our approval, it is worth hundreds of billions of dollars—maybe trillions. Therefore, my initial thought is a joint venture between the current owners and/or new owners whereby the U.S. gets a 50% ownership in a joint venture set up between the U.S. and whichever purchaser we so choose,” Mr Trump said.

TikTok shut down operations in the U.S. on Sunday, following a law compelling its owner to sell off the social media platform to the U.S. or risk being banned from the country.

On Friday, the U.S. Supreme Court dismissed an appeal against the law banning TikTok.