Business
Board Reshuffle at ByteDance: Coatue’s Laffont Exits, French Businessman Niel Steps In amidst IPO Uncertainties
ByteDance, the parent company of TikTok, has seen Philippe Laffont from Coatue leave its board. Meanwhile, it has welcomed French businessman Niel. It's been rumored that Coatue is looking to offload some of its ByteDance shares, with an Initial Public Offering (IPO) seeming quite unlikely.
ByteDance, the company behind the popular short video app TikTok which is currently facing pressure to leave the US market, announced that Philippe Laffont, the originator of Coatue Management in New York, has stepped down from the company's board of directors. His position has been filled by the French entrepreneur Xavier Niel.
The official website of the Chinese firm presently names four additional board members: Liang Rubo, who serves as the CEO and chairman, Arthur Dantchik, the co-founder of Susquehanna International Group, William Ford, the CEO and chairman of General Atlantic, and Neil Shen, the managing partner and founder of HongShan, previously known as Sequoia China.
Susquehanna, General Atlantic, and HongShan have all invested in ByteDance.
"We are thrilled to welcome Xavier to our board and anticipate benefiting from his advice, contributions, and creativity," said a representative from ByteDance. "We are committed to further enriching the assortment of talents and knowledge within our board to protect the comprehensive interests of the company and every shareholder."
Laffont will persist in backing the firm "as a board observer," stated the spokesperson, without providing further details on the responsibilities of that position.
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