Perplexity AI proposes TikTok merger with 50% ownership for US government

In context: Artificial intelligence startup Perplexity AI recently proposed a merger with ByteDance’s TikTok US operations. As part of a revised plan, the company has offered to allocate up to 50 percent of the combined entity to the US government.
The revised plan reportedly includes provisions for the US government to receive stock in the new company once Perplexity AI achieves an initial public offering valued at a minimum of $300 billion. However, these would be non-voting shares, meaning the US government would hold 50 percent ownership of the company but have no influence over TikTok’s day-to-day operations. Additionally, the government would not be granted a seat on the merged entity’s board.
According to a source quoted by Reuters, the proposed holding company would be tentatively named