Business
Board Reshuffle at ByteDance: Coatue’s Laffont Steps Down, French Entrepreneur Niel Steps In Amid IPO Uncertainty
The proprietor of TikTok, ByteDance, has seen the departure of Coatue's Laffont from its board, while welcoming French businessman Niel. It's been said that Coatue is looking to offload some of its ByteDance stock, with the prospect of an initial public offering seeming unlikely.
ByteDance, the company behind the popular short video platform TikTok, which is facing pressure to leave the US market, announced that Philippe Laffont, the creator of Coatue Management based in New York, has stepped down from their board of directors. He has been succeeded by French entrepreneur Xavier Niel.
The official website of the Chinese firm presently mentions four other members of the board: Liang Rubo, who serves as the CEO and chairman, Arthur Dantchik, a co-founder of Susquehanna International Group, William Ford, who is 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 are all stakeholders in ByteDance.
"We are thrilled to welcome Xavier to our board and eagerly anticipate his direction, contribution, and influence," stated a representative from ByteDance. "We are committed to further expanding the range of talents and knowledge within our board to ensure the protection of the company's interests and those of all shareholders."
Laffont will still back the firm "in the capacity of a board observer," stated the spokesperson, without providing further details about what this position involves.
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