Business
Board Shuffle at ByteDance: Coatue’s Laffont Departs, French Tycoon Niel Steps In Amid IPO Uncertainty and US Market Pressure
The proprietor of TikTok, ByteDance, sees Philippe Laffont from Coatue depart its board, while greeting French businessman Xavier Niel. Coatue is rumored to be exploring the sale of a portion of its ByteDance shares, given that an IPO seems unlikely.
ByteDance, the company behind the popular short video app TikTok, which is currently facing pressure to leave the US market, has announced that Philippe Laffont, the founder of Coatue Management based in New York, has stepped down from its board of directors. He will be succeeded by French entrepreneur Xavier Niel.
The official online platform of the Chinese firm presently acknowledges the presence of four additional board members: the CEO and president Liang Rubo, Arthur Dantchik who is a co-founder of Susquehanna International Group, William Ford who serves as the CEO and president of General Atlantic, and Neil Shen who is the managing partner and founder of HongShan, previously known as Sequoia China.
ByteDance has received investments from Susquehanna, General Atlantic, and HongShan.
"We are thrilled to welcome Xavier to our board and eagerly anticipate benefiting from his direction, advice, and motivation," stated a ByteDance spokesperson. "We remain committed to enriching the variety of talents and knowledge within our board, in order to protect the comprehensive interests of the company and all investors."
Laffont will persist in backing the firm "as a board observer," said the spokesperson, without providing further details on what this position involves.
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