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

Quick Summary:

Coatue has reportedly been seeking to sell some of its ByteDance shares, as an IPO remains far-fetched.

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

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.

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Article Details

Author / Journalist: Coco Feng

Category: Business

Markets: Hong KongChina

Topics: Chairman Atlantic Hongshan Susquehanna Bytedance Company’s Founder Laffont Board General Xavier

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-02 @ 18:00:22 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 157 words

Reading Time: 1 minutes read

Sentences: 4 lines

Sentence Length: 40 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22330033

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