When we think about effective corporate governance, the name Elon Musk comes to mind.
Endeavor Group – the company that owns both UFC and the Miss Universe concept – must have felt similarly situated, because they have nominated Elon Musk to join their board of directors, according to CNBC this week. Endeavor started as a talent agency run by agent Ari Emanuel.
And who better to have overseeing a company than a man who has taunted regulators over dogecoin and confidently told the SEC to “SEC” just months after being accused of committing securities fraud for faking a nearly $100 billion buyout of his company?
Endeavor wrote in its IPO filing: ″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.”
Musk has yet to be elected and is still allowed to serve on the board of other companies, despite this 2018 settlement with the SEC that resulted in him stepping down as Tesla’s chairman.
Endeavor’s Emanuel family has worked with Musk for years, including having put down one of the first reservations for Tesla’s production Roadster. Ari Emanuel’s siblings include Rahm Emanuel, who famously gave a contract to Musk’s Boring Company in 2018. Musk has been a regular on Joe Rogan’s podcast, as well. Rogan is managed by Endeavor.
Endeavor had filed for an IPO two years ago but had to call off plans due to weak demand. Last year, the company generated $3.48 billion in sales and posted a net loss – something we know Musk is familiar with – of $625.3 million last year.
Elliott Management and Silver Lake Partners, two large investors in Endeavor, confirmed Musk’s nomination was not an April Fool’s Joke.
Because it’s always a good sign when you have to assure and re-assure the public that you’re not, in fact, joking…