The PPh 3 ligands in the heterodinuclear AuPt complex [(Ph 3 P)AuPt(PPh 3 ) 3 ][BAr 4 F ] (BAr 4 F = tetrakis[3,5bis(trifluoromethyl)phenyl]borate) exhibit a high fluxionality on the AuPt core. Fast intramolecular and slow intermolecular processes for the reversible exchange of the PPh 3 ligands have been identified. When [(Ph 3 P)AuPt(PPh 3 ) 3 ][BAr 4F ] is heated in solution, the formation of benzene is observed, and a trinuclear, cationic AuPt 2 complex is generated. This process is preceded by reversible phenyl-group exchange between the PPh 3 ligands present in the reaction mixture as elucidated by deuterium-labeling studies. Both the elimination of benzene and the preceding reversible phenyl-group exchange have originally been observed in massspectrometry-based CID experiments (CID = Collision-Induced Dissociation). While CID of mass-selected [Au,Pt,(PPh 3 ) 4 ] + results exclusively in the loss of PPh 3 , the resulting cation [Au,Pt,(PPh 3 ) 3 ] + selectively eliminates C 6 H 6 . Thus, the dissociation of a PPh 3 ligand from [Au,Pt,(PPh 3 ) 3 ] + is energetically not able to compete with processes which result in C−H-and C−P-bond cleavage. In both media, the heterobimetallic nature of the employed complexes is the key for the observed reactivity. Only the intimate interplay of the gas-phase investigations, studies in solution, and thorough DFT computations allowed for the elucidation of the mechanistic details of the reactivity of [(Ph 3 P)AuPt(PPh 3 ) 3 ][BAr 4 F ].