Musical.ly President Departs Following Acquisition
Alex Hofmann has been with the company for three years but says it is time "to look ahead into future opportunities" following its sale to China's Bytedance.
Musical.ly president Alex Hofmann is stepping down from his role following the company's sale to China's Bytedance in November.
Hofmann, who joined the company in 2015 and has served as president of North America for the last three years, said in a LinkedIn post Monday morning that he will continue to be a Musical.ly shareholder. "This really is a bittersweet moment for me, as I've built deep and meaningful relationships with my team, the creators and our valued partners," he wrote, calling his period at Musical.ly "a crazy, wild, turbulent journey."
Musical.ly burst onto the scene in the U.S. with its easy-to-learn app for recording lip syncing videos. It soon became popular with a crop of fresh-faced young online talent and even created a new genre of Musical.ly star, including Baby Ariel and Jacob Sartorius. As of last year, it had 60 million users.
The company sold to Bytedance in November for a reported purchase price of between $800 million and $1 billion but has continued to operate as a stand-alone product.
Prior to joining Musical.ly, German-born Hofmann worked at SAP. Most recently, he was based out of the company's Los Angeles office.
Hofmann says he will spend the next few months "investing in startups, iterating on new business ideas and exploring Eastern Europe."