Perplexity AI proposes a deal for the US government to own 50% of a new entity merging with TikTok's US business. The revised proposal allows ByteDance to retain some ties but excludes the algorithm.

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

Kevin O’Leary’s $20B TikTok offer is rejected as ByteDance confirms it won’t sell the key technology behind the app’s success.

The bankers definitely want in despite this being a heavy lift because the fees on an estimated $20-plus billion deal could be pretty rich.

Numerous potential buyers, including PerplexityAI and the internet advocacy group, Project Liberty, have publicly stated their interest in the app.

The revised plan outlines the creation of a new US holding company, "NewCo." Under this proposal, ByteDance would divest TikTok US to investors while retaining ownership of its core recommendation algorithm, a crucial factor in TikTok's global success.

Perplexity is seeking to create a new $300-billion public company with TikTok's U.S. business and include investments from other investors.

Perplexity AI proposes a merger with TikTok U.S., offering a new U.S. holding company where the U.S. government would own up to 50% post-IPO, excluding TikTok's core algorithm. The proposal aims to create 'NewCo',

Perplexity AI has proposed merging with TikTok's US operations, allowing the US government to own up to 50% of the new entity without voting rights. The plan aims to maintain ByteDance's connection to TikTok while ensuring a US-based board.

Perplexity AI has revised its merger proposal with ByteDance to create a joint entity, offering the US government up to 50% equity during an IPO valued at $300 billion. ByteDance would sell TikTok US to investors while retaining its recommendation algorithm.

Bill Ford, the CEO of ByteDance shareholder General Atlantic, said Wednesday he was confident that a deal will be reached to ensure TikTok stays online in the US — and suggested there may be

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.