The revised proposal allows for a new structure merging Perplexity AI and TikTok's U.S. business. The U.S. government could acquire up to a 50 percent nonvoting stake after a public offering valued at $300 billion or more. ByteDance would maintain equity in the new entity but cede control to a U.S. board.

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

If the plan is successful, the shares of TikTok owned by the government would not have voting power, the person said.