Just a day before TikTok was expected to shut down in the US, startup Perplexity AI submitted a bid to TikTok’s parent company ByteDance that proposed a merger that would allow it to continue operating, CNBC reports. Quoting an anonymous source, CNBC reports that the proposed merger “would create a new entity combining Perplexity, TikTok US and New Capital Partners.” It comes after The Supreme Court on Friday ruled unanimously in favor of a law which requires ByteDance to sell TikTok or it will be banned in the US. The company has so far resisted the idea of ​​a sale.

According to CNBCThe source is, Perplexity — which currently offers an AI-powered search engine and is which was sued by several publications for copyright infringement – hoping that a merger rather than a sale would be more attractive to ByteDance. “The new structure will allow the majority of ByteDance investors to retain their equity stakes and bring more video to Perplexity,” CNBC reports. If ByteDance accepts the proposal, there is an opportunity for the company to be given a 90-day extension by Trump to make a deal, he said. NBC News‘ Kristen Welker what he “likely” will do when he takes office on Monday. But there’s no sign yet that ByteDance will go down this route.

Despite widespread speculation about potential buyers, TikTok said it “will be forced to go dark on January 19” if the law takes effect unless “the Biden Administration immediately gives a definitive statement to satisfy the most critical service providers who have committed to non-implementation.” The outgoing administration, however, reportedly said it was leaving everything for the Trump team to deal with. Per MSNBCWhite House Press Secretary Karine Jean-Pierre called TikTok’s claim about the shutdown “a stunt,” and said “we see no reason for TikTok or other companies to act next.” days before the Trump Administration takes office on Monday.”

“We have made our position clear and straightforward: the actions to implement this law will fall to the next administration,” said Jean-Pierre, according to MSNBC. “So TikTok and other companies should take any concerns to themselves.”