(Reuters) – Perplexity AI has updated its merger plan previously submitted to ByteDance, the parent company of TikTok, according to a report by CNBC on Sunday.

The updated plan, which entails the formation of a new company by merging Perplexity and TikTok U.S., also includes a provision for the U.S. government to hold a stake of up to 50% in the new venture should it go public in the future, as per the CNBC report.