The TikTok ban, signed into law by President Joe Biden due to national security concerns, is being challenged by TikTok, which sought help from the U.S. Supreme Court. However, the court upheld the ban, citing data collection practices and foreign adversary concerns. President-elect Donald Trump indicated he might pause the ban upon taking office, following discussions with China's Chairman Xi Jinping. TikTok CEO Shou Zi Chew expressed gratitude for Trump's willingness to work towards a solution to keep TikTok available in the U.S.
Key takeaways:
- Perplexity AI has reportedly submitted a bid to merge with TikTok's U.S. operations amid a U.S. ban on the platform.
- The merger would create a new entity with New Capital Partners, allowing ByteDance investors to retain equity stakes.
- Perplexity AI, known for its AI-powered search tools, saw its valuation rise from $520 million to $9 billion in 2024.
- President-elect Donald Trump indicated he might pause the TikTok ban, despite the U.S. Supreme Court upholding it due to national security concerns.