French telecom billionaire Xavier Niel has joined the board of ByteDance, the parent company of TikTok. This development comes after the departure of Philippe Laffont, founder of Coatue Management, from the ByteDance board. Niel, known for his innovative ventures in the telecom sector, including founding Iliad Telecom Group and pioneering affordable internet services in France, is a notable addition. His role on the ByteDance board stands out, as unlike many other board members, Niel does not hold any stakes in the company.
Niel’s entry into ByteDance‘s leadership team is part of a broader shake-up, with ByteDance currently navigating various strategic challenges, including stalled IPO plans and internal restructuring efforts. The Tech company, once valued at over $400 billion, has seen its valuation adjusted through share buyback programs.
This appointment could signal ByteDance’s intent to diversify its board expertise as it continues to expand and adapt to the evolving global market landscape.
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