U.S. private equity firm General Atlantic is selling its stake in ByteDance, the Chinese social media giant behind TikTok. The transaction values ByteDance at $550 billion (approximately 788 trillion won), according to sources familiar with the matter. General Atlantic has been an early investor since 2017, when ByteDance was valued at just $20 billion (approximately 29 trillion won).
Reuters reported on the 25th (local time), citing two sources familiar with the deal, that "the process to sell some of the stake began in recent weeks, with a target to complete the transaction in March." Specific financial terms and General Atlantic's ownership percentage were not disclosed.
The $550 billion valuation stands out in this transaction. The figure represents a 15% increase from the $480 billion (approximately 688 trillion won) valuation on secondary markets in November last year. Compared to the $330 billion (approximately 473 trillion won) valuation during an August share buyback, the jump is 66%.
General Atlantic reportedly decided to sell as some of its funds approach maturity. The easing of political risks that had rattled ByteDance also played a role. U.S. President Donald Trump had warned he would ban TikTok unless the company divested its U.S. operations, citing national security concerns. ByteDance escaped the "Trump risk" after the spin-off and sale of TikTok's U.S. unit was finalized in January.
ByteDance has emerged as the world's largest social media company, surpassing Meta (formerly Facebook) in revenue. ByteDance's annual net profit for 2025 is expected to reach approximately $48 billion (approximately 69 trillion won).