Business
ByteDance Board Shakeup: Coatue’s Laffont Exits, French Entrepreneur Niel Steps In Amidst IPO Uncertainty and TikTok US Market Pressures
The proprietor of TikTok, ByteDance, experiences the departure of Coatue's Laffont from its board, while greeting French businessman Niel. Coatue has been allegedly trying to offload some of its ByteDance stocks, as the prospects of an initial public offering (IPO) seem distant.
ByteDance, the company behind the popular short video app TikTok, which is currently facing pushback to leave the US market, announced that Philippe Laffont, the creator of Coatue Management based in New York, has stepped down from the company's board of directors. He has been succeeded by Xavier Niel, a business tycoon from France.
At present, the official webpage of the Chinese firm reveals the names of four board members they have. These include Liang Rubo, the CEO and chairman, Arthur Dantchik, the co-founder of Susquehanna International Group, William Ford, the CEO and chairman of General Atlantic, and Neil Shen, the founder and managing partner 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 his direction, contributions, and motivation," said a spokesperson from ByteDance. "We're committed to broadening the range of abilities and knowledge within our board to protect the comprehensive interests of the company and all our shareholders."
Laffont will remain involved with the company in the capacity of a "board observer," according to the spokesperson, who didn't provide further details about what this position involves.
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