Business
ByteDance Board Transition: Coatue’s Laffont Steps Down, French Entrepreneur Niel Steps Up Amid IPO Uncertainty
ByteDance, the parent company of TikTok, has lost Coatue's Laffont from its board and is now welcoming French businessperson Niel. Reports suggest Coatue is looking to offload some of its ByteDance stock, as the prospects of an initial public offering (IPO) seem unlikely.
ByteDance, the company behind the popular short video app TikTok, which is facing pressure to leave the US market, has announced that Philippe Laffont, the founder of Coatue Management in New York, has departed from its board of directors. He has been succeeded by French entrepreneur Xavier Niel.
At present, the official website of the Chinese firm showcases four additional board members: Liang Rubo, the CEO and chairman; Arthur Dantchik, 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.
Susquehanna, General Atlantic, and HongShan have all invested in ByteDance.
"We're thrilled to welcome Xavier to our board and eagerly anticipate his direction, contribution, and influence," said a spokesperson from ByteDance. "We're committed to boosting the variety of talents and knowledge within our board to ensure the company's overall welfare and the interests of all shareholders."
Laffont will persist in backing the firm "as a board observer," stated the spokesperson, without providing further details about the responsibilities of that position.
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