Business
ByteDance Shakes Up Board: Coatue’s Laffont Steps Down, French Entrepreneur Niel Steps In Amid Share Sale Rumors
ByteDance, the company that owns TikTok, has seen Coatue's Laffont step down from its board, while French entrepreneur Niel joins the team. It's been rumored that Coatue has been attempting to offload some of its shares in ByteDance, as the chances of an initial public offering (IPO) seem increasingly unlikely.
ByteDance, the company behind the popular short video app TikTok that's facing a potential US market withdrawal, announced that Philippe Laffont, the founder of Coatue Management in New York, has stepped down from its board of directors. His position has been taken over by French entrepreneur Xavier Niel.
The official webpage of the Chinese firm currently showcases four other members on their board: the CEO and chairman Liang Rubo, co-founder of Susquehanna International Group, Arthur Dantchik, the CEO and chairman of General Atlantic, William Ford, and Neil Shen who is the managing partner and founder 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 eagerly anticipate his advice, insights and motivation," said a representative from ByteDance. "We are committed to broadening the range of talents and knowledge within our board to protect the company's and all shareholders' best interests."
Laffont will remain involved with the company in the capacity of a "board observer", the spokesperson confirmed, without providing further details about what this position involves.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.