Business
Board Reshuffle at ByteDance: Coatue’s Laffont Steps Down, French Tycoon Niel Steps In Amid IPO Speculations
ByteDance, the company behind TikTok, has seen the departure of Coatue's Laffont from its board and the arrival of French businessperson Niel. Reports suggest that Coatue has been looking to offload some of its ByteDance stocks, with an initial public offering (IPO) seeming unlikely.
ByteDance, the company behind the popular short video app TikTok that's currently facing challenges to leave the US market, announced that Philippe Laffont, the creator of Coatue Management based in New York, has stepped down from its board of directors. He has been succeeded by French entrepreneur Xavier Niel.
The official website of the Chinese firm presently names four additional board members. These include CEO and chairman Liang Rubo, Arthur Dantchik who co-founded the Susquehanna International Group, William Ford who is the CEO and chairman of General Atlantic, and Neil Shen, the managing partner and founder of HongShan, which used to be known as Sequoia China.
Susquehanna, General Atlantic, and HongShan all have investments in ByteDance.
"We are thrilled to welcome Xavier to our board and eagerly anticipate his guidance, contributions, and inspiration," remarked a representative from ByteDance. "We are committed to broadening the range of abilities and knowledge within our board to protect the comprehensive interests of the firm and every shareholder."
Laffont will persist in backing the firm "as a board observer", stated the spokesperson, without providing further details about what this position involves.
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