This study examines why the lower likeability of bullying perpetrators does not deter them from engaging in bullying behavior, by testing three hypotheses: (a) bullying perpetrators are unaware that they are disliked, (b) they value popularity more than they value likeability, (c) they think that they have nothing to lose in terms of likeability, as they believe that their targets and other classmates would dislike them anyway, regardless of their behavior. The first two hypotheses were examined in Study 1 (1,035 Dutch adolescents, M age = 14.15) and the third hypothesis was examined in Study 2 (601 Dutch adolescents, M age = 12.92). Results from regression analyses showed that those higher in bullying were not more likely to overestimate their likeability. However, they were more likely than others to find being popular more important than being liked. Moreover, those higher in bullying were more likely to endorse the belief that the victimized student or the other classmates would have disliked a bullying protagonist (in vignettes of hypothetical bullying incidents) before any bullying started. These findings suggest that adolescent bullying perpetrators may not be deterred by the costs of bullying in terms of likeability, possibly because they do not value likeability that much (Hypothesis 2), and because they believe they hardly have any likeability to lose (Hypothesis 3).