TikTok owner ByteDance has added French telecom billionaire Xavier Niel to its board. His addition follows the departure of Coatue Management founder Philippe Laffont from the ByteDance board. Besides newly added director Niel, ByteDance’s board currently consists of Neil Shen of Hongshan Capital, William E. Ford of General Atlantic, Arthur Dantchik from Susquehanna International Group, and ByteDance’s chief executive Liang Rubo, its official website shows. Unlike other board members who represent major investors in ByteDance, Niel doesn’t own any stakes in the privately held company, according to tech outlet The Information. An earlier report from the outlet mentioned that Coatue is considering selling its stake in ByteDance, worth billions of dollars, due to the stalled IPO. [The Information]
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