Business
Board Reshuffle at ByteDance: Coatue’s Laffont Exits, French Entrepreneur Niel Steps In Amid IPO Speculations
ByteDance, the parent company of TikTok, sees Coatue's Laffont exit its board and ushers in French businessperson, Niel. It's rumored that Coatue is looking to offload some of its holdings in ByteDance, given that the prospect of an IPO still seems unlikely.
ByteDance, the company behind the popular short video app TikTok, which is facing potential expulsion from the US market, has announced that Philippe Laffont, the founder of New York's Coatue Management, has departed from its board of directors. His position has been filled by French entrepreneur Xavier Niel.
The official website of the Chinese firm presently shows four other members of the board: Liang Rubo, who is the CEO and chairman, Arthur Dantchik, who co-founded Susquehanna International Group, William Ford, who is the CEO and chairman of General Atlantic, and Neil Shen, who is the managing partner and founder of HongShan, previously known as Sequoia China.
Susquehanna, General Atlantic, and HongShan have all invested in ByteDance.
"We're thrilled to welcome Xavier to our board and eagerly anticipate his counsel, contributions, and influence," said a representative from ByteDance. "We're committed to further developing the range of talents and knowledge within our board to ensure the best interests of the company and all its shareholders are protected."
Laffont will persist in backing the firm "as a board observer," the spokesperson confirmed, without providing further details about what this position involves.
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