Business
ByteDance Board Shuffle: Coatue’s Laffont Steps Down, French Entrepreneur Xavier Niel Steps In Amid IPO Uncertainties
ByteDance, the parent company of TikTok, sees Coatue's Laffont depart from its board while welcoming French businessman Niel. It's reported that Coatue has been trying to offload some of its ByteDance shares, with the prospect of an initial public offering (IPO) seeming unlikely.
ByteDance, the company behind the popular short video app TikTok that is facing challenges to withdraw from the US market, revealed that Philippe Laffont, the creator of Coatue Management in New York, has stepped down from the company's board of directors. Taking his place is French entrepreneur Xavier Niel.
The official web portal of the Chinese firm currently displays four additional members of the board: 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, 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 direction, contribution, and motivation," stated a representative from ByteDance. "We remain committed to broadening the range of talents and knowledge within our board to protect the comprehensive benefits of the company and all its stakeholders."
The spokesperson mentioned that Laffont will persist in backing the firm in the capacity of "a board observer", though didn't provide further detail on the responsibilities of such a position.
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