Trump has stated that he's against this ban. But my working assumption is that Meta's recent announcements around moderation, diversity, and new execs are a quid pro quo for Trump supporting to the ban in office.
The Supreme Court seems poised to uphold the ban though, based on recent oral arguments ¹, in which case Trump would face some pretty significant hurdles in trying to overturn it. The bill has already been signed into law by President Biden. Trump would have to try to get a new bill through congress to overturn the previous TikTok ban bill.
My theory was that Meta offered Trump what he wanted partly in return for changing his stated position to support the ban. Given that the SC now seems likely to uphold the ban, Trump wouldn't have to do anything.