Perplexity AI has submitted a revised proposal to TikTok's parent company, ByteDance, allowing the U.S. government to potentially own 50% of a new entity merging with TikTok's U.S. business. This updated plan addresses feedback from the Trump administration and seeks to maintain the Chinese company's connection to TikTok while enabling U.S. oversight. The new entity would operate under U.S. board control, without the crucial proprietary algorithm of TikTok. Importantly, government shares would be non-voting, ensuring ByteDance's investors retain substantial influence, thereby addressing shareholder interests.
Perplexity AI's revised proposal for TikTok would allow the U.S. government to own up to 50% of a new entity merging Perplexity with TikTok's U.S. operations.
The new strategy enables the government to gain equity without voting power or board representation, a significant change compared to previous ownership plans.
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