Perplexity AI has submitted a bid to ByteDance, proposing a merger with TikTok U.S. to create a new entity. The deal would allow ByteDance investors to retain equity while bringing more video content to Perplexity. The proposed merger comes as President-elect Trump considers extending TikTok's deadline to find a resolution regarding its US operations.
Perplexity AI made an official bid for TikTok on Saturday, proposing a merger with TikTok U.S. under ByteDance, CNBC has learned. This move would see Perplexity combine with TikTok U.S. and new capital partners, creating a new merged entity. The structure aims to allow most of ByteDance's existing investors to keep their equity while bringing more video content to Perplexity.
A source close to the situation, who wished to remain anonymous due to the confidential nature of the potential deal, explained that the merger proposal rather than a direct sale is a key factor in Perplexity AI's strategy. The source believes the fair market value is well north of $50 billion, but the final price tag will be influenced by which of ByteDance's existing shareholders choose to remain part of the new entity and those looking to cash out. The news comes amidst ongoing discussions surrounding TikTok's future in the United States. President-elect Donald Trump has stated that he is most likely to grant TikTok 90 more days to find a solution that keeps the platform operational in the country. In a video posted on TikTok on Friday, CEO Shou Zi Chew expressed gratitude for President Trump's commitment to finding a solution that allows TikTok to remain accessible in the United States
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