September 02, 2024 – According to the official English website of TikTok’s parent company, ByteDance, Philippe Laffont, the founder of Coatue Management, has stepped down from the company’s board. Meanwhile, Xavier Niel, the French billionaire and founder of Iliad Telecom Group, has joined the ByteDance board.
Xavier Niel, a French businessman with a strong presence in the telecommunications and technology industries, boasts a net worth estimated at $10.5 billion as of September 1, 2024, according to Forbes.
Philippe Laffont, who heads Coatue Management, a hedge fund and venture capital firm specializing in technology-focused investments, manages 40billioninassets.ThecompanyhasinvestedinvariousbusinessesincludingByteDance,Snap(parentcompanyofSnapchat),andSpotify,amusicstreamingservice.AsofSeptember1,2024,PhilippeLaffont′snetworthisestimatedat6.5 billion.
