Business
ByteDance Board Reshuffle: Coatue’s Laffont Exits, French Tycoon Xavier Niel Steps In Amidst IPO and Market Exit Uncertainties
The proprietor of TikTok, ByteDance, has seen Philippe Laffont of Coatue depart from its board while ushering in French businessman, Niel. There are rumors that Coatue is looking to offload some of its ByteDance stakes as the prospects of an IPO continues to look unlikely.
ByteDance, the company behind the popular short video app TikTok, which is facing a potential forced withdrawal from the US market, announced that Philippe Laffont, the creator of New York's Coatue Management, 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 firm enumerates four additional members of the board: Liang Rubo, the CEO and chairman, Arthur Dantchik, co-founder of Susquehanna International Group, William Ford, General Atlantic's CEO and chairman, and Neil Shen, the managing partner and creator of HongShan, which was 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 anticipate his advice, contributions, and motivation," stated a representative from ByteDance. "We intend to keep broadening the range of abilities and knowledge within our board to protect the company's overall welfare and the interests of all stakeholders."
Laffont will maintain his backing of the company in the capacity of a "board observer", the spokesperson confirmed, without providing further details about this role.
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