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Elon Musk, founder of SpaceX and CEO of Tesla, greets 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, CEO of Tesla and SpaceX and founder of The Boring Company and Neuralink, has been appointed to join the board of directors of Endeavor Group Holdings, according to a filing filed Wednesday by the company.
Endeavor started out as a talent agency created by one of Hollywood’s best-known agents, Ari Emanuel. Through a series of mergers and acquisitions, the company has grown into a media and entertainment conglomerate that owns and operates live events including UFC, Miami Open, New York Fashion Week, fairs Frieze art and the Miss Universe international beauty pageant.
Now Endeavor is planning to go public and wants Musk, the second richest person in the world, as one of its 11 directors.
“Mr. Musk was selected to serve on our board of directors because of his professional background and experience leading a public company, his previous senior management positions, his service on other boards of directors. ‘administration of public companies and its experience in starting, growing and integrating businesses, ”Endeavor said in its IPO
Musk, who is yet to be elected to the board of directors, is allowed to serve as a director of a public company despite a deal with the SEC that saw him resign as Tesla’s chairman and pay a fine in 2018. This sanction stems from a Musk tweet that said he was considering making Tesla private.
The Emanuel family has a history of working with Musk. Ari Emanuel was an early supporter of Tesla, making a reservation for the company’s first production vehicle, the original Roadster. His siblings include Chicago’s 55th Mayor Rahm Emanuel, whose administration gave Musk’s The Boring Company a big contract in 2018.
Ari Emanuel speaks onstage at 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 | Entertainment Getty Images | Getty Images
Musk has also been a popular guest on comedian Joe Rogan’s podcast, “The Joe Rogan Experience,” appearing as recently as February. Rogan is a UFC fan and has worked for the organization as a broadcaster. 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 posted revenue 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 shutdowns.
Former President Donald Trump and Emanuel are longtime associates. Trump was once a client of William Morris Endeavor and Endeavor bought him the Miss Universe pageant in 2015. Endeavor also owns the talent agency WME, which represents athletes, actors and other celebrities.
Endeavor investors, including Elliott Management and Silver Lake Partners, have confirmed that Musk’s appointment is no April Fool’s joke, despite the close proximity of the company’s S-1 filing date to the April Fool’s Day, which is Thursday.
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