Elon Musk joined the Endeavor Group as a brand new board member
Elon Musk, founder of SpaceX and chief executive officer of Tesla, waves as he arrives for a discussion at the Satellite 2020 conference in Washington, DC on Monday, March 9, 2020.
Andrew Harrer | Bloomberg | Getty Images
Elon Musk is about to increase his already heavy workload.
Musk, the CEO of Tesla and SpaceX and founder of The Boring Company and Neuralink, has been nominated for the board of directors of Endeavor Group Holdings, according to a report filed Wednesday by the company.
Endeavor started out as a talent agency founded by one of Hollywood’s most famous agents, Ari Emanuel. Through a series of mergers and acquisitions, the company has grown into a media and entertainment conglomerate that owns and manages live events such as UFC, the Miami Open, New York Fashion Week, Frieze art fairs, and the Miss Universe international beauty pageant.
Now Endeavor is planning an IPO and wants Musk, the second richest person in the world, as one of its eleven directors.
“”Mr. Musk was selected based on his professional background and experience in running a public company, previous senior management positions, serving on other boards of public companies, and experience in starting, growing and integrating companies. “Endeavor said in its IPO filing
Still to be elected to the board of directors, Musk is allowed to serve as a director for a public company despite a settlement with the SEC that prompted him to step down as chairman of Tesla and pay a fine in 2018. That punishment arose from a Musk tweet that said he was considering taking Tesla privately.
The Emanuel family has been working with Musk for a long time. Ari Emanuel was an early Tesla proponent and reserved the company’s first production vehicle, the original roadster. His siblings include the 55th Mayor of Chicago, Rahm Emanuel, whose administration awarded a major contract to Musk’s The Boring Company in 2018.
Ari Emanuel speaks on stage during the 2017 LACMA Art + Film Gala honoring Mark Bradford and George Lucas, presented by Gucci at LACMA on November 4, 2017 in Los Angeles, California.
Stefanie Keenan | Getty Images Entertainment | Getty Images
Musk was also a popular guest on Joe Rogan’s podcast, The Joe Rogan Experience, which only appeared in February. Rogan is a UFC fan and has worked as a broadcaster for the organization. Rogan is also represented by Endeavor.
Endeavor filed for an IPO two years ago but abandoned its plans due to weak investor demand. The company had sales of $ 3.48 billion and posted a net loss of $ 625.3 million last year. Revenue was more than $ 1 billion lower than in 2019 due to pandemic standstills.
Former President Donald Trump and Emanuel are long-time employees. Trump was once a customer of William Morris Endeavor and Endeavor bought the Miss Universe pageant from him in 2015. Endeavor also owns the talent agency WME, which represents athletes, actors and other celebrities.
Investors in Endeavor, including Elliott Management and Silver Lake Partners, confirmed that Musk’s nomination is not an April Fool’s joke despite the company’s S-1 filing date being close to the April Fool’s Day, which is Thursday.
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