French billionaire Xavier Niel is becoming a member of the board of administrators of TikTok’s dad or mum, ByteDance, the corporate instructed the South China Morning Put up. It’s an fascinating transfer as Niel isn’t a reputation that comes up fairly often for high-profile board positions.
He’s changing Philippe Laffont, the founding father of the New York-based funding agency Coatue Administration, on ByteDance’s board, per the report. Coatue has been contemplating promoting a portion of its stake in ByteDance, in response to a report by The Info on August 23.
Niel is the proprietor of French telecom firm Iliad. He has additionally been an energetic startup investor together with his seed funding agency Kima Ventures and thru different funding automobiles. Moreover, he created Station F, a startup campus based mostly in Paris, in addition to organising a pc science faculty referred to as 42.