Perplexity AI's new bid for TikTok parent firm could give US govt 50% stake

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Perplexity AI's new bid for TikTok parent firm could give US govt 50% stake - Business Standard

Quick Summary:

Perplexity AI has presented a new proposal to TikTok's parent company that would allow the US government to own up to 50% of a new entity that merges Perplexity with TikTok's US business, according to a person familiar with the matter.

The first proposal, which ByteDance hasn't responded to, sought to create a new structure that would merge San Francisco-based Perplexity with TikTok's US business and include investments from other investors.

The proposal, submitted last week, is a revision of a prior plan the artificial intelligence startup had presented to TikTok's parent ByteDance on Jan.18, a day before the law that bans TikTok went into effect.