The U.S-based media conglomerate Endeavor has nominated Elon Musk to join its board in an initial public offering filed with the U.S. Security Exchange Commission (SEC) on March 31, CNBC reported. The company owns the Ultimate Fighting Championship and Miss Universe Pageant and is pushing to go public after a failed attempt in 2019.
The South African billionaire has received global acclaim for his business acumen and widespread criticism for tweets that have informed critical market decisions.
Many thought the news of Musk’s nomination to the Endeavor board was an April Fool’s Day prank, as the listing was filed on April 1. However, the company’s investors Elliott Management and Silver Lake Partners later confirmed the nomination.
Led by Ari Emanual, a U.S. multimillionaire and long-time Musk associate, Endeavor seeks to onboard the self-acclaimed “Technoking” to tap into his professional wealth and experience as the founder of several internationally renowned companies. Musk is the CEO of Tesla and SpaceX and founded Neuralink and The Boring Company.
The report quoted the IPO listing as stating: ″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.”
In March, the tech mogul faced investor lawsuits over comments made on Twitter. The lawsuits asserted that Musk’s tweets violated a 2018 settlement with the SEC, which cost Musk and Tesla $40 million. The 2018 settlement aimed at moderating how the CEO dispersed information to the public.
The IPO listing stated that: “There are no restrictions on Mr. Musk’s ability to serve as an officer or a director on a company’s board.”
Endeavor is a U.S- based media and talent management agency that represents artists in movies, television, music, theater, digital media and publishing. The company is based in Beverly Hills, California.