Elon Musk tapped to join board of Endeavor Group, owner of UFC and Miss Universe contest

Elon Musk, founder of SpaceX and chief government officer of Tesla, waves whereas arriving to a dialogue on the Satellite 2020 Conference in Washington, D.C., on Monday, March 9, 2020.

Andrew Harrer | Bloomberg | Getty Images

Elon Musk is about to improve his already hefty workload.

Musk, the CEO of Tesla and SpaceX and founder of The Boring Company and Neuralink, has been nominated to join the board at Endeavor Group Holdings, in accordance to a filing by the corporate on Wednesday.

Endeavor started as a expertise company began by one of Hollywood’s most recognizable brokers, Ari Emanuel. Through a sequence of mergers and acquisitions, the corporate has turn into a media and leisure conglomerate that owns and manages reside occasions together with UFC, the Miami Open, New York Fashion 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 person, as one of its 11 administrators.

Mr. Musk was selected to serve on our board of directors because of his professional background and experience running a public company, his previously held senior executive-level positions, his service on other public company boards and his experience starting, growing and integrating businesses,” Endeavor stated in its IPO filing

Musk, who nonetheless has to be elected to the board, is allowed to function a director for a public firm regardless of a settlement with the SEC that precipitated him to step down as Tesla’s chairman and pay a advantageous in 2018. That punishment stemmed from a Musk tweet that said he was considering taking Tesla private.

Ari Emmanuel

Dan Steinberg | Invision | AP

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 embrace Chicago’s fifty fifth Mayor, Rahm Emanuel, whose administration gave a giant contract to Musk’s The Boring Company in 2018.

Musk has additionally been a popular guest on comic Joe Rogan’s podcast, “The Joe Rogan Experience,” showing as not too long ago 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 due to weak investor demand. The firm generated gross sales of $3.48 billion and posted a internet loss of $625.3 million final 12 months. Revenue was greater than $1 billion decrease than in 2019 due to 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 other celebrities.

Investors in Endeavor, together with Elliott Management and Silver Lake Partners, confirmed that the nomination of Musk isn’t an April Fool’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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