U.S. search engine startup Perplexity AI has revised the merger proposal it had submitted to TikTok's Chinese parent ByteDance to create a new entity combining Perplexity and TikTok U.S., a person familiar with the proposal told reporters on Sunday.
The proposal calls for the U.S. government to own up to 50% of the new company upon a future initial public offering (IPO), the person said.
A Perplexity document shared with ByteDance and new investors proposed the creation of a new U.S. holding company called "NewCo," the person said.
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