Business
ByteDance Board Reshuffle: Coatue’s Laffont Exits, French Tycoon Xavier Niel Steps In Amidst IPO Uncertainties
ByteDance, the parent company of TikTok, has seen Coatue's Laffont depart from its board, making room for French businessman Niel. Rumor has it that Coatue has been attempting to offload some of its stake in ByteDance, with the prospect of an IPO still seeming unlikely.
ByteDance, the company behind the popular short video app TikTok, which is currently facing demands to leave the US market, announced that Philippe Laffont, the founder of Coatue Management based in New York, has stepped down from its board of directors. He has been succeeded by the French entrepreneur, Xavier Niel.
The official website of the Chinese firm presently shows four board members: Liang Rubo, who serves as CEO and chairman, Arthur Dantchik, 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.
ByteDance has received investments from Susquehanna, General Atlantic, and HongShan.
"We're thrilled to welcome Xavier to our board and eagerly anticipate his advice, contributions, and innovative insights," stated a representative from ByteDance. "We remain committed to broadening the range of talents and knowledge within our board to ensure the protection of the company's general interests and those of all stakeholders."
Laffont will persist in backing the company as a "board observer," according to the representative, who did not provide further details about this position.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.