ByteDance’s Valuation Soars to $480 Billion in Share Auction

A Chinese investment firm bought a block of ByteDance Ltd. shares at a valuation of $480 billion, far above recent levels, a sign of strong investor interest in the parent company of video sensation TikTok.

In bidding that took place Wednesday, venture firm Capital Today won out over several other interested parties to acquire equity from Bank of China Group Investment Ltd., an early institutional investor in ByteDance, according to people familiar with the matter, who asked not to be named discussing private information. The slug of stock had been priced at roughly $200 million with a $360 billion ...