WASHINGTON (AP) — 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 TikTok’s U.S. business, according to a person familiar with the matter.

Perplexity is seeking to create a new $300-billion public company with TikTok's U.S. business and include investments from other investors.

Oracle would reportedly control TikTok's data collection, algorithm, and software updates, but Chinese owner ByteDance would maintain a minority stake.

By Dawn Chmielewski, Kanishka Singh and Milana Vinn NEW YORK/WASHINGTON (Reuters) -The administration of U.S. President Donald Trump is working on a plan to save TikTok that involves tapping software company Oracle and a group of outside investors to effectively take control of the app's operations,

President Donald Trump is in the middle of a chaotic race to secure the future of TikTok in America. Speaking aboard Air Force One en route to Florida on Jan. 25, Trump confirmed that multiple discussions are taking place with “substantial people” about buying TikTok’s U.