
General Atlantic and Sequoia Capital, two major investors in TikTok’s Chinese parent company, are maneuvering to be part of a deal to acquire the U.S. operations of the popular video-sharing app as it seeks to avoid a ban by the Trump administration, according to people familiar with the discussions.
The investment firms, which own large stakes in Beijing-based ByteDance Ltd., are key drivers behind a possible bid for TikTok by a group including Oracle Corp., the people said. The Oracle group emerged recently as a possible alternative to Microsoft Corp., which said early this month that it was in talks to buy TikTok’s operations in the U.S. and three other countries.
Microsoft had said it might invite some U.S. investors to join its bid. But more recently Sequoia and General Atlantic grew concerned that they wouldn’t have a place in a Microsoft deal and looked for another potential tech partner that could give them a piece of the action, some of the people said. They are now pushing the potential Oracle bid, which quickly won President Trump’s public support, although some of the people said the Microsoft talks are fluid and outside investors could still be included as minority investors in Microsoft’s bid.
Sequoia and General Atlantic both hold seats on ByteDance’s board. Sequoia’s seat is occupied by its China head, Neil Shen, while its efforts in the U.S. to participate in an acquisition are being led by Global Managing Partner Doug Leone. General Atlantic’s effort is led by its chief executive, Bill Ford, who represents his firm on ByteDance’s board. The investment firms have two points of interest that potentially conflict: their obligation as board members to maximize the value to ByteDance of its prized asset, and trying to buy into TikTok in the U.S. at a good price to capitalize on its potential.
Full Content: Wall Street Journal
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
UK Business Secretary Calls for More Agile Competition Regulator
Feb 13, 2025 by
CPI
Germany’s Antitrust Regulator Raises Concerns Over Apple’s App Tracking Policies
Feb 13, 2025 by
CPI
$60 Billion Nissan-Honda Merger Falls Apart
Feb 13, 2025 by
CPI
DOJ Moves to End Protections for Three Regulatory Agencies
Feb 13, 2025 by
CPI
Meta to Allow Rivals to List Ads on Facebook Marketplace Following EU Fine
Feb 13, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Criminal Enforcement
Jan 23, 2025 by
CPI
The Antitrust Division’s Recent Work to Combat International Cartels
Jan 23, 2025 by
Emma Burnham & Benjamin Christenson
Information Sharing: The New Frontier of U.S. Antitrust Enforcement
Jan 23, 2025 by
Brian P. Quinn, Casey Kovarik & Michael Tubach
The Key Role of Guidelines on Exchanges of Information Among Competitors and the Divergent Transatlantic Paths
Jan 23, 2025 by
Rosa Abrantes-Metz & Albert Metz
Leniency, Whistleblowers, and Compliance
Jan 23, 2025 by
Richard Powers, Tara O’Malley & Cory Gordon