Startup Perplexity AI made its second bid to buy TikTok, this time with a proposal to have the U.S. government own 50% of the platform.

Lawmakers have long opposed TikTok’s algorithm since its parent company, ByteDance, is Chinese-owned. A ban went into effect as expected on Jan. 19, but the app was back online hours after TikTok stopped service in the United States.

The latest proposal was reported by a source who said they were unauthorized to speak on it publicly, per the Associated Press. Perplexity AI is suggesting an initial public offering of at least $300 billion in its second try to win over the platform.

The startup made an offer on Jan. 18 before the app temporarily went dark, but TikTok did not accept.

TikTok thanked President Donald Trump for giving “the necessary clarity and assurance to our service providers that they will face no penalties providing TikTok to over 170 million Americans.” Trump says he has had a “good experience” with TikTok since joining the platform during his campaign. The president promised a week after joining that he “will never ban TikTok.” Since then, Trump has gained over 14 million followers.

TikTok hadn’t pursued divestiture when former President Joe Biden signed the ban into law, opting instead to challenge it in court. The Supreme Court ruled the Protecting Americans from Foreign Adversary Controlled Applications Act was not a violation of the platform’s First Amendment right.

The Washington Examiner previously contacted TikTok for comment amid speculation that the company would be purchased by YouTuber Mr. Beast or X owner Elon Musk, but TikTok spokesman Michael Hughes flatly denied any interest.

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“We can’t be expected to comment on pure fiction,” Hughes told the Washington Examiner.

TikTok is still banned from U.S. app stores, but users who kept the app on their phones before Jan. 19 still have access to it.