Business
ByteDance Board Reshuffle: Coatue’s Laffont Exits, French Entrepreneur Niel Steps In Amidst IPO Uncertainty
ByteDance, the parent company of TikTok, has seen Coatue's Laffont leave its board and has welcomed French businessman Niel. It has been rumored that Coatue is looking to offload some of its shares in ByteDance, as the possibility of an IPO still seems unlikely.
ByteDance, the company behind the popular short video app TikTok, which is 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 their board of directors. He has been succeeded by the French entrepreneur, Xavier Niel.
At present, the official website of the Chinese corporation features four other board members. They include Liang Rubo, the CEO and chairman, Arthur Dantchik, who co-founded Susquehanna International Group, William Ford, the CEO and chairman of General Atlantic, and Neil Shen, the managing partner and founder of HongShan, which was previously known as Sequoia China.
Susquehanna, General Atlantic, and HongShan have all invested in ByteDance.
"We are thrilled to have Xavier on our board and eagerly anticipate his direction, contributions, and motivation," expressed a ByteDance spokesperson. "We will persist in broadening the range of abilities and knowledge on our board in an effort to protect the collective interests of the company and all its shareholders."
Laffont will persist in backing the company in the capacity of "a board observer," said the spokesperson, without providing further details on what the role involves.
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