PERPLEXITY AI MAKES A BID TO MERGE WITH TIKTOK U.S.

Summary from the TLDR newsletter

Perplexity AI has submitted a bid to ByteDance to create a new merged entity that will combine Perplexity AI, TikTok US, and new capital partners. The new structure would allow for most of ByteDance's existing investors to retain their equity stakes. Any potential transaction between Perplexity AI and ByteDance will likely take months to complete. ByteDance has publicly implied that it will not sell TikTok US, but Perplexity AI believes that it might be interested in a merger.