Elon Musk tapped to affix Endeavor Group as new board member
Elon Musk, founding father of SpaceX and chief govt officer of Tesla, waves whereas arriving to a dialogue on the Satellite tv for pc 2020 Convention in Washington, D.C., on Monday, March 9, 2020.
Andrew Harrer | Bloomberg | Getty Photographs
Elon Musk is about to extend his already hefty workload.
Musk, the CEO of Tesla and SpaceX and founding father of The Boring Firm and Neuralink, has been nominated to affix the board at Endeavor Group Holdings, in response to a submitting by the corporate on Wednesday.
Endeavor started as a expertise company began by one among Hollywood’s most recognizable brokers, Ari Emanuel. By a sequence of mergers and acquisitions, the corporate has grow to be a media and leisure conglomerate that owns and manages dwell occasions together with UFC, the Miami Open, New York Style Week, Frieze artwork gala’s and the Miss Universe worldwide magnificence pageant.
Now, Endeavor is planning to go public and needs Musk, the world’s second-richest particular person, as one among its 11 administrators.
“Mr. Musk was chosen to serve on our board of administrators due to his skilled background and expertise operating a public firm, his beforehand held senior executive-level positions, his service on different public firm boards and his expertise beginning, rising and integrating companies,” Endeavor stated in its IPO submitting
Musk, who nonetheless must be elected to the board, is allowed to function a director for a public firm regardless of a settlement with the SEC that prompted him to step down as Tesla’s chairman and pay a wonderful in 2018. That punishment stemmed from a Musk tweet that stated he was contemplating taking Tesla personal.
The Emanuel household has a historical past of working with Musk. Ari Emanuel was an early proponent of Tesla, placing down a reservation for the corporate’s first manufacturing automobile, the unique Roadster. His siblings embody Chicago’s fifty fifth Mayor, Rahm Emanuel, whose administration gave a giant contract to Musk’s The Boring Firm in 2018.
Ari Emanuel speaks onstage in the course of the 2017 LACMA Artwork + Movie Gala Honoring Mark Bradford and George Lucas introduced by Gucci at LACMA on November 4, 2017 in Los Angeles, California.
Stefanie Keenan | Getty Photographs Leisure | Getty Photographs
Musk has additionally been a in style visitor on comic Joe Rogan’s podcast, “The Joe Rogan Expertise,” showing as lately as February. Rogan is a UFC fan and has labored for the group as a broadcaster. Rogan can also be represented by Endeavor.
Endeavor filed for an IPO two years in the past however scrapped its plans as a consequence of weak investor demand. The corporate generated gross sales of $3.48 billion and posted a web lack of $625.3 million final 12 months. Income was greater than $1 billion decrease than in 2019 as a consequence of pandemic shutdowns.
Former President Donald Trump and Emanuel are long-time associates. Trump was as soon as a William Morris Endeavor shopper and Endeavor bought the Miss Universe pageant from him in 2015. Endeavor additionally owns the WME expertise company, which represents athletes, actors and different celebrities.
Traders in Endeavor, together with Elliott Administration and Silver Lake Companions, confirmed that the nomination of Musk just isn’t an April Idiot’s prank, regardless of the proximity of the corporate’s S-1 submitting date to April Fools’ day, which is Thursday.
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