Perplexity AI has revised its merger proposal to ByteDance, the parent company of TikTok, to include a provision allowing the US government to own up to 50% of the new entity following an IPO, CNBC reported.

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 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

Despite all of this, Trump has decided that the best course of action is to delay the shutdown of TikTok, even though he was one of the first to endorse a ban. His reason for the delay is that he wants to broker a sale, but that doesn’t explain his flipping from leading the charge on a ban to trying to save it.

Congress voted to ban TikTok out of concern that TikTok's ownership structure represents a security risk, a ban upheld by the Supreme Court but

Rep. Mike Turner, R-Ohio, former chairman of the House Intelligence Committee, said on Sunday that TikTok remains a national security threat and he hopes President-elect Trump can reaches a deal that leads to China-based ByteDance selling its stake in the app.

The app went dark nationwide on Saturday night, but the company indicated it was in the process of restoring the service after assurances from President-elect Donald J. Trump.

TikTok went offline at 10:30 p.m. ET in the United States on Saturday as a federal ban was enacted. Apple subsequently removed the app from the App Store, saying it is “obligated to follow the laws in the jurisdictions where it operates.”

President Donald Trump hasn’t been shy about sharing his thoughts since taking office. On Saturday night, he added a 20-minute Q&A with reporters aboard Air Force One to the mix.

Original: TikTok is now officially banned and unavailable in the United States, ensuring it can no longer be used by those who have the app downloaded. TikTok is one of the biggest platforms on ...

A proposal document viewed by CNBC, which was shared with ByteDance and prospective new investors, detailed the creation of a new U.S. holding company, "NewCo."