Business
Board Shakeup at ByteDance: Coatue’s Laffont Exits, French Entrepreneur Niel Steps In Amidst Share Sale Speculations and US Market Exit Pressure
ByteDance, the company that owns TikTok, has seen Coatue's Laffont exit its board while French businessman Niel joins. Reports suggest that Coatue has been exploring options to sell a portion of its ByteDance shares due to the distant possibility of an IPO.
ByteDance, the company behind the popular short video app TikTok, currently facing demands to leave the US market, announced that Philippe Laffont, founder of Coatue Management based in New York, has stepped down from the company's board of directors. French entrepreneur Xavier Niel has been appointed as his replacement.
At present, the official website of the Chinese firm identifies four additional board members: Liang Rubo, who serves as both CEO and chairman, Arthur Dantchik who is a 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're thrilled to welcome Xavier to our board and eagerly anticipate the leadership, advice, and innovation he will bring," stated a representative from ByteDance. "We remain committed to broadening the array of talents and knowledge within our board to protect the comprehensive interests of the company and all its shareholders."
Laffont will maintain his support for the firm "as a board observer," the spokesperson confirmed, without providing further details on what this position involves.
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