Perplexity AI submitted a bid for TikTok parent company ByteDance to create a new merged entity combining Perplexity, TikTok U.S., and new capital partners, Hayden Field of CNBC reports, citing a source familiar with the situation. The new structure would allow most of ByteDance’s existing investors to retain their equity stakes in the company and would bring more video to Perplexity, the source added. ByteDance has publicly implied it will not sell TikTok U.S., which is partly why Perplexity AI believes it has a shot with its bid since the proposal is a merger rather than a sale, CNBC’s source added. Companies in the social media space that compete with TikTok include Meta (META), Alphabet’s (GOOG) YouTube (GOOGL), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on META:
- Trump wants 50% U.S. stake in TikTok, to extend law taking effect
- Trump vows executive order aiding TikTok, proposes joint venture
- TikTok Ban Takes Effect: Will Trump Save the Popular App?
- Trump tells NBC TikTok reprieve of 90 days ‘most likely’
- TikTok not available in U.S. as law banning access takes effect