ByteDance Board Shakeup: TikTok Owner Bids Adieu to Coatue’s Laffont, Welcomes French Entrepreneur Niel Amidst IPO Uncertainty

ByteDance, the parent company of TikTok, saw Coatue's Laffont depart from their board, while French businessman Niel was welcomed. It is said that Coatue has been trying to offload some of its shares in ByteDance, as the chances of an initial public offering (IPO) seem distant.

ByteDance, the company behind the popular short video app TikTok, which is facing challenges to leave the US market, has announced that Philippe Laffont, the founder of Coatue Management in New York, has stepped down from the company's board of directors. He has been succeeded by Xavier Niel, a businessman from France.

The official site of the Chinese corporation presently names four other board directors: Liang Rubo, the CEO and Chairman, Arthur Dantchik, the co-founder of Susquehanna International Group, Chairman and CEO of General Atlantic, William Ford, and Neil Shen, the founder and managing partner 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 anticipate benefiting from his counsel, insights, and motivation," said a spokesperson from ByteDance. "We will persist in broadening the range of talents and knowledge within our board to protect the comprehensive interests of the firm and all stakeholders."

Laffont will carry on backing the firm "as a board observer", as stated by the spokesperson, who did not provide further details about what this position involves.