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Ari Emanuel’s Endeavor Group Holdings, Inc. is considering business mogul Elon Musk for a seat on its board of directors as he works on a return to the stock market after a previous failed attempt.
Musk, who founded Tesla and SpaceX, is listed as a director nominee but “will become a member of our board of directors at or before the price of this offer,” according to the SEC filing.
| Teleprinter | security | Last | Change | Change% |
|---|---|---|---|---|
| TSLA | TESLA, INC. | 661.75 | -6.18 | -0.93% |
The billionaire entrepreneur was selected because of his “professional background and experience in managing a public company,” the file said. He also runs The Boring Company which is digging passageways in cities like Las Vegas and possibly Miami.
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Elon Musk, owner of SpaceX and CEO of Tesla, poses as he arrives on the red carpet for the Axel Springer Awards ceremony in Berlin on December 1, 2020 (Photo by Britta Pedersen / POOL / AFP / via etty Images)
Musk is still eligible to join the board of Endeavor, whose brands include WME, IMG, and UFC, despite his deal with the SEC in 2018 that forced him to relinquish his role as Tesla chairman for at least three years, although he was allowed to remain as CEO.
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The government lawsuit alleged Musk fooled investors with misleading statements about a plan to take over the company.
The actions against him stemmed from a 2018 Twitter post indicating that he had the funding to privatize Tesla at a price of $ 420 per share.
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In its SEC filing, Endeavor disclosed the 2018 settlement but noted that “there is no restriction on Mr. Musk’s ability to serve as an officer or director on the board of directors of a society”.
As for Endeavor’s business, the company has been hit hard during the pandemic, recording just under $ 3.5 billion in revenue in 2020, up from $ 4.57 billion in 2019. However, before the outbreak of the virus, its “business was strong. revenue growth,” according to the filing.
The shares are expected to be listed on the New York Stock Exchange.
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The Associated Press contributed to this report.
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