Hofmann’s rep described the parting as “amicable” and that he is leaving Musical.ly to pursue “future opportunities.” He will stay on as an active shareholder in the company.
“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,” Hofmann wrote in a LinkedIn post announcing his exit. “It has been a true honor to serve as musical.ly’s president in the U.S. The experience has made me a stronger leader and further fueled my passion for building communities and growing extraordinary teams.”
In the next few months, according to Hofmann, he plans on “investing in startups, iterating on new business ideas and exploring Eastern Europe.”
Hofmann, who helped build Musical.ly’s global user base to north of 215 million, is leaving after Bytedance officially closed its acquisition of Musical.ly last month in a deal reportedly worth up to $1 billion.
Under Bytedance’s ownership, Musical.ly will continue to operate as an independent platform, headed by co-founders Louis Yang and Alex Zhu, while collaborating with its parent. Musical.ly has announced the creation of a $50 million in a fund to support its users (or “Musers” in the company’s lingo) with scholarship programs and co-development deals with users and media partners.
Prior to joining Musical.ly in May 2015, Hofmann worked for enterprise-software company SAP, most recently as director of marketing and product management based in the San Francisco Bay Area.