Elon Musk tapped to hitch Endeavor Group as new board member
Andrew Harrer | Bloomberg | Getty Photographs
Musk, the CEO of Tesla and SpaceX and founding father of The Boring Firm and Neuralink, has been nominated to hitch the board at Endeavor Group Holdings, based on a submitting by the corporate on Wednesday.
Endeavor started as a expertise company began by certainly one of Hollywood’s most recognizable brokers, Ari Emanuel. By way of a sequence of mergers and acquisitions, the corporate has develop into a media and leisure conglomerate that owns and manages reside occasions together with UFC, the Miami Open, New York Vogue Week, Frieze artwork gala’s and the Miss Universe worldwide magnificence pageant.
Now, Endeavor is planning to go public and desires Musk, the world’s second-richest particular person, as certainly one of its 11 administrators.
“Mr. Musk was chosen to serve on our board of administrators due to his skilled background and expertise working 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 needs to be elected to the board, is allowed to function a director for a public firm regardless of a settlement with the SEC that triggered him to step down as Tesla’s chairman and pay a high quality 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 car, the unique Roadster. His siblings embody Chicago’s fifty fifth Mayor, Rahm Emanuel, whose administration gave an enormous contract to Musk’s The Boring Firm in 2018.
Stefanie Keenan | Getty Photographs Leisure | Getty Photographs
Musk has additionally been a preferred visitor on comic Joe Rogan’s podcast, “The Joe Rogan Expertise,” showing as just lately as February. Rogan is a UFC fan and has labored for the group as a broadcaster. Rogan can be represented by Endeavor.
Endeavor filed for an IPO two years in the past however scrapped its plans as a result of weak investor demand. The corporate generated gross sales of $3.48 billion and posted a internet lack of $625.3 million final 12 months. Income was greater than $1 billion decrease than in 2019 as a result of pandemic shutdowns.
Former President Donald Trump and Emanuel are long-time associates. Trump was as soon as a William Morris Endeavor consumer 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 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.
WATCH: Elon Musk says clients should purchase a Tesla with bitcoin