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- Entertainment and events company Endeavor has nominated Elon Musk to join its board of directors.
- Endeavor is planning to go public after it scrapped its IPO plans in 2019.
- Endeavor said it chose Musk because of his experience of growing companies and serving on boards.
- See more stories on Insider's business page.
Endeavor wants to go public - and is hoping to bring Elon Musk onto its board.
The entertainment company said in its IPO prospectus Wednesday that, if elected, Musk would become a member of its board of directors "at or prior to" the pricing of its shares.
Endeavor said it nominated Musk because of his experience both growing his own companies and serving on boards.
"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," Endeavor said in the filing.
Read more: Elon Musk's mastery of memes proves Tesla will never have to pay for traditional marketing
Endeavor already has ties to Musk's business empire. Its CEO is Hollywood mogul Ari Emanuel, who has reserved one of Tesla's original Roadsters, according to CNBC. His brother Rahm Emanuel served as the 55th mayor of Chicago, and his administration gave The Boring Company a contract to build an underground electric vehicle network back in 2018.
Endeavor describes itself as a "premium intellectual property, content, events, and experiences company." It said it owns, operates, or represents more than 800 events annually, including the Ultimate Fighting Championship, the Miss Universe competition, New York Fashion Week, and the Miami Open.
It also runs talent agency WME, whose clients include Dwayne "The Rock" Johnson, Joe Rogan, and Serena Williams.
Endeavor has more than 6,400 staff across 28 countries, per the IPO prospectus. It generated just shy of $3.5 billion in revenue in 2020, with a net loss of $625.3 million.
The company tried to go public back in 2019 - but it scrapped its IPO a day before it was scheduled to take place, after dropping its pricing range. It had originally planned to raise more than $600 million, Insider's Theron Mohamed reported.
Though Musk has been nominated to Endeavor's board, he hasn't yet been elected. In 2018, he had to step down as the chair of Tesla's board in a deal with the SEC over "false and misleading" tweets over taking Tesla public. Endeavor said this does not limit Musk's ability to serve on its board.
Musk would be adding his seat on Endeavor's board to an already packed schedule.
Musk is the CEO of Tesla and SpaceX, and plays an active role in Neuralink and the Boring Company, both of which he founded. He has previously said he works between 85 to 100 hours each week, and has to split his day into five-minute slots so he can fit everything in.
from Business Insider https://ift.tt/3wi1x92
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