Elon Musk Chosen to Be part of Board of Firm That Owns UFC and Miss Universe

In an IPO submitting, Endeavor Group Holdings mentioned {that a} 2018 settlement between Musk and the SEC wouldn’t stop the billionaire’s means to affix the corporate’s board.

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Billionaire businessman Elon Musk has been chosen to affix the board of Endeavor Group Holdings, the corporate introduced in its IPO submitting on Wednesday. 

Based by Ari Emanuel, the corporate owns and manages the UFC, the Miss Universe pageant and New York Vogue Week, amongst different dwell occasions. Now, it hopes to deliver on one of the crucial recognizable names as considered 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 mentioned within the submitting. 

Associated: Elon Musk Suggests in Tweet That Tesla May Be Larger Than Apple in a Few Months, Then Deletes It

Along with explaining its determination to appoint Musk to the board, the corporate additionally addressed issues surrounding the SpaceX and Tesla CEO’s settlement with the SEC in 2018. Musk was pressured to step down as Tesla’s chairman and pay a nice after he claimed on Twitter that he was contemplating taking Tesla personal. 

“With out admitting or denying the SEC’s allegations, Mr. Musk agreed to a financial penalty and to step down as Tesla Inc.’s Chairman of the Board for a time frame,” Endeavor mentioned. “There aren’t any restrictions on Mr. Musk’s means to function an officer or a director on an organization’s board.”

Musk should nonetheless be elected earlier than serving as considered one of Endeavor’s administrators. 

Based on CNBC, Endeavor filed for an IPO two years in the past however pulled again its plan to go public following weak curiosity from traders. Final yr, the corporate did $3.48 billion in gross sales, posting a internet lack of $625.3 million. 

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