TikTok owner ByteDance loses Coatue’s Laffont on board, welcomes French entrepreneur Niel

TikTok owner ByteDance loses Coatue’s Laffont on board, welcomes French entrepreneur Niel

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ByteDance, whose short video hit TikTok is under pressure to exit the US market, said Philippe Laffont, founder of New York-based Coatue Management, has exited the company’s board of directors, replaced by French businessman Xavier Niel.

The Chinese company’s official website currently lists four other board members: CEO and chairman Liang Rubo, Susquehanna International Group co-founder Arthur Dantchik, General Atlantic CEO and chairman William Ford, and Neil Shen, managing partner and founder of HongShan – formerly Sequoia China.

Susquehanna, General Atlantic and HongShan are all investors in ByteDance.

“We are excited about Xavier joining our board and look forward to having his guidance, input and inspiration,” a ByteDance representative said. “We will continue to enhance the diversity of skills and expertise on our board to safeguard the overall interests of the company and all shareholders.”

Laffont will continue to support the company “as a board observer”, the representative said, without elaborating on what that role entails.

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