Elon Musk to join Hollywood’s Endeavor board ahead of IPO
Elon Musk is the founder of Tesla, SpaceX
Ari Emanuel's Endeavor Group Holdings, Inc., is eyeing business magnate Elon Musk to serve on its board of directors as it works on an IPO comeback after a previous attempt failed.
Musk, who founded Tesla and SpaceX, is listed as a director nominee but "will become a member of our board of directors at or prior to the pricing of this offering" according to the SEC filing.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 170.18 | +8.05 | +4.97% |
The billionaire entrepreneur had been selected due to his "professional background and experience running a public company," the filing stated. He also runs The Boring Company which is tunneling passages in cities including Las Vegas and possibly Miami.
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SpaceX owner and Tesla CEO Elon Musk 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 settlement with the SEC in 2018 that forced him to relinquish his role as Tesla's chairman for at least three years although he was allowed to remain as CEO.
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The government lawsuit alleged that Musk duped investors with misleading statements about a proposed buyout of the company.
The actions against him stemmed from a 2018 Twitter post indicating he had the financing in place to take Tesla private at a price of $420 per share.
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In its SEC filing, Endeavor disclosed the 2018 settlement but noted that "there are no restrictions on Mr. Musk’s ability to serve as an officer or a director on a company’s board."
As for Endeavor's business, the company was hit hard during the course of the pandemic, taking in just under $3.5 billion in revenue in 2020, down from $4.57 billion in 2019. However, prior to the onset of the virus, its "business delivered strong revenue growth," according to the filing.
Shares are expected to list on the New York Stock Exchange.
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The Associated Press contributed to this report.