Source : NEW INDIAN EXPRESS NEWS
On Saturday, artificial intelligence startup Perplexity AI submitted a proposal to ByteDance to create a new entity that merges Perplexity with TikTok U.S. business, according to a person familiar with the matter.
If successful, the new structure would also include other investors and allow ByteDance’s existing shareholders to retain their stake in the company, the person said.
Perplexity is not asking to purchase the ByteDance algorithm that feeds TikTok user’s videos based on their interests and has made the platform such a phenomenon.
Other investors have also been eyeing TikTok. “Shark Tank” star Kevin O’Leary recently said a consortium of investors that he and billionaire Frank McCourt put together offered ByteDance $20 billion in cash. Trump’s Treasury Secretary Steven Mnuchin also said last year that he was putting together an investor group to buy TikTok.
SOURCE :- NEW INDIAN EXPRESS
